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Intercontinental Intends to Sell its Prized Barclay New York Hotel

By Mark Foxwell, Financial Mail on Sunday, LondonMcClatchy-Tribune Regional News

Feb. 06, 2011--Hotels group InterContinental will put one of its trophy assets up for sale in the next two months with a price tag of more than UKpound200 million.

The UKpound3.8 billion hotel giant is selling Barclay New York, one of its four flagship hotels, to pay a dividend or buy back shares. In the past seven years the group has paid investors UKpound3.1 billion in special dividends and buybacks.

The luxury hotel in Manhattan is set to attract bidders from around the world, including Qatar and Abu Dhabi, as well as China.

InterContinental acquired the hotel, built in the roaring Twenties, in 1978 and spent UKpound24 million on restoration.

The decision to sell follows the opening of InterContinental's Times Square hotel in New York.

InterContinental's seven hotel brands see 130 million stays a year in 650,000 rooms in more than 4,500 hotels in 100 countries.


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Copyright (c) 2011, Financial Mail on Sunday, London

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