InterContinental Hotels Group plc (IHG.L,IHG) announced it has agreed to sell InterContinental London Park Lane Hotel to Constellation Hotel UK S.A., which is an affiliate of Constellation Hotels Holding Limited, a Middle Eastern private investment group. InterContinental's leasehold interest in the Hotel has been sold for gross cash proceeds of 301.5 million pounds.
InterContinental has secured a 30 year management contract on the Hotel, with three ten year extension rights at IHG's discretion, giving an expected contract length of 60 years.
InterContinental will use the proceeds for general corporate purposes, with 61 million pounds to provide security over UK pension liabilities which were previously secured against the hotel.
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