InterContinental Hotels Group Plc (IHG, IHG.L) Tuesday said it will receive $31 million in significant liquidated damages, in the first quarter, from FelCor Lodging Trust.
IHG and FelCor had agreed that eight properties owned by FelCor, currently branded as Holiday Inn hotels, will leave IHG's system on March 1.
These eight hotels generated $8.5m of fees for IHG in 2011, around 1 percent of total Americas fee revenue, and represent less than 1 percent of all rooms branded as Holiday Inn or Holiday Inn Express in the region.
For comments and feedback: editorial@rttnews.com