InterContinental to sell hotels for $1.9 billion

Group selling Holiday Inns to Lehman-led consortium

InterContinental InterContinental Hotels Group on Thursday said it was selling $1.9 billion in British hotels, mostly Holiday Inns, to a Lehman Brothers-led consortium.

InterContinental said it's selling sell 73 hotels to a consortium led by a Lehman Brothers (LEH: news, chart, profile) division for one billion pounds, all of which it plans to return to shareholders.

The selling price is 960 million pounds in cash and 40 million pounds in deferred contingent cash; InterContinental said the net asset value of the hotels if 1.022 billion pounds.

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Source - MarketWatch

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