0001191638-14-000202.txt : 20140218 0001191638-14-000202.hdr.sgml : 20140217 20140218083126 ACCESSION NUMBER: 0001191638-14-000202 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20140218 FILED AS OF DATE: 20140218 DATE AS OF CHANGE: 20140218 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERCONTINENTAL HOTELS GROUP PLC /NEW/ CENTRAL INDEX KEY: 0000858446 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 250420260 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10409 FILM NUMBER: 14620452 BUSINESS ADDRESS: STREET 1: BROADWATER PARK STREET 2: DENHAM CITY: BUCKINGHAMSHIRE STATE: X0 ZIP: UB9 5HJ BUSINESS PHONE: 4045513500 MAIL ADDRESS: STREET 1: BROADWATER PARK STREET 2: DENHAM CITY: BUCKINGHAMSHIRE STATE: X0 ZIP: UB9 5HJ FORMER COMPANY: FORMER CONFORMED NAME: SIX CONTINENTS PLC DATE OF NAME CHANGE: 19950531 6-K 1 ihg201402186k1.htm IHG ANNOUNCES SALE OF INTERCONTINENTAL MARK HOPKIN ihg201402186k1.htm
 
 
SECURITIES AND EXCHANGE COMMISSION
 
 
Washington DC 20549
 
 
FORM 6-K
 
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 AND 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
 
 
For 18 February 2014
 
 
InterContinental Hotels Group PLC

(Registrant's name)
 
 
Broadwater Park, Denham, Buckinghamshire, UB9 5HJ, United Kingdom
(Address of principal executive offices)
 
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
 
 
Form 20-F           Form 40-F
 
 
Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
 
Yes           No
 
 
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable
 
 

 
 
EXHIBIT INDEX
 
     
           
99.1
   IGH announces sale of Intercontinental  Mark  Hopkin      
 
  
 
      
           
 





Exhibit No: 99.1
 

IHG ANNOUNCES SALE OF
INTERCONTINENTAL MARK HOPKINS SAN FRANCISCO FOR $120 MILLION

18 February 2014 - InterContinental Hotels Group PLC (IHG) [LON:IHG, NYSE:IHG (ADRs)] today announces the sale of the 383 room InterContinental San Francisco Mark Hopkins1 (the “Hotel”) to a joint venture between affiliates of Woodridge Capital Partners (“Woodridge”) and funds managed by Oaktree Capital Management L.P. (“Oaktree”) for $120m gross cash proceeds. IHG will continue to manage the Hotel under a long-term management contract.

The Hotel first opened in 1926, and became an InterContinental in 1973. IHG acquired the lessee interest in 1983 and subsequently acquired the freehold in 2010.  The new owners have agreed to invest approximately $20m to refurbish and reposition the hotel.

The sale is a continuation of IHG’s strategy to reduce the capital intensity of the business. Over the last 12 months IHG has agreed to dispose of three owned InterContinental hotels, with total gross proceeds of almost $830m.  The disposal of InterContinental London Park Lane completed in May 2013 and the disposal of an 80% interest in InterContinental New York Barclay was announced in December 2013; this is expected to complete next month.

Paul Edgecliffe-Johnson, Chief Financial Officer of IHG commented:
“Today’s announcement is yet another milestone for IHG, as we continue our asset light strategy. This demonstrates our ability to execute major asset deals and the enduring attractiveness of the InterContinental brand.  We are delighted to have secured a long-term management contract on the Hotel with an experienced new owner and look forward to a successful partnership with them.”

1The Hotel generated revenues of $42m and EBIT of $6m in 2013 and had a net book value of $90m at 31 December 2013.

For further information, please contact:
Investor Relations (Catherine Dolton; Isabel Green): +44 (0) 1895 512176
Media Relations (Yasmin Diamond; Zoe Bird):  +44 (0) 1895 512008

Notes to Editors:

About IHG
IHG (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organisation with a broad portfolio of nine hotel brands, including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites®, EVEN™ Hotels and HUALUXE™ Hotels & Resorts.
 
IHG manages IHG® Rewards Club, the world’s first and largest hotel loyalty programme with over 77 million members worldwide. The programme was relaunched in July 2013, offering enhanced benefits for members including free internet across all hotels, globally.
 
IHG franchises, leases, manages or owns 4,700 hotels and 687,000 guest rooms in nearly 100 countries and territories. With more than 1,100 hotels in its development pipeline, IHG expects to recruit around 90,000 people into additional roles across its estate over the next few years.
 
InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales.
 
Visit www.ihg.com for hotel information and reservations and www.ihgrewardsclub.com for more on IHG Rewards Club. For our latest news, visit: www.ihg.com/media, www.twitter.com/ihg, www.facebook.com/ihg or www.youtube.com/ihgplc

About Woodridge Capital Partners
Founded by Michael Rosenfeld, Woodridge Capital Partners, LLC (“Woodridge”) is a Los Angeles based real estate development and Investment Company, and through its affiliates, are owners and developers of a broad range of hotel, resort, residential, and commercial properties throughout the United States.
 
About Oaktree Capital Management
Oaktree Capital Management, L.P. is a leader among global investment managers specializing in alternative investments, with $83.6 billion in assets under management as of December 31, 2013. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 800 employees and offices in 16 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/
 
 
 
 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
   
InterContinental Hotels Group PLC
   
(Registrant)
     
 
By:
/s/ H. Patel
 
Name:
H. PATEL
 
Title:
COMPANY SECRETARIAL OFFICER
     
 
Date:
18 February 2014