Wed, 08 Aug 2012 | BUSINESS SALE
The Intercontinental on London's Park Lane is up for sale after its owner Intercontinental Hotels Group is moving more towards managing rather than owning hotels.
The property overlooks Hyde Park Corner and is expected to fetch well over £200 million. Its £75 million refurbishment that took place five years ago could well contribute to this.
In addition to a prominent location and luxury interiors, the price is likely to be influenced by the Intercontinental's high occupancy rate, which is currently running at around 90 per cent.
Richard Solomons, the firm's chief executive, told the Evening Standard: “We would expect 80 per cent occupancy during August so the Olympics has clearly had a beneficial effect. We have brand new Holiday Inn and Staybridge hotels right by the Olympic park and are also running the Athletes’ Village as part of our sponsorship of the Games.”
He added that the brand is 60-years-old this year, noting that business has seen a notable boost in the wake of the Olympic Games.
A sale is not thought to be imminent, however, Mr Solomons noted that the process will start in earnest following the opening of the Intercontinental in Westminster, with a sale expected towards the end of 2013.
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