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Hotel sales help InterContinental return cash to investors

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Hotel sales help InterContinental return cash to investors

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InterContinental Hotels is selling some of its top properties and returning the money raised to its investors. It is equivalent of 800 million euros.

It is selling the Barclay in New York and its flagship London Park Lane hotel under a strategy of selling assets which it continues to manage for the new owners.

The British-based group, home to the Crowne Plaza, Holiday Inn as well as InterContinental brands, said it will pay a special dividend in the fourth quarter and also kick off a share buyback.

At the same time the world’s biggest hotelier reported a six percent rise in half-year profits boosted by good trading in its two biggest markets, the United States and China. Operating profit was $286 million (230 million euros).