IHG Announces Sale of Holiday Inn Jamaica

InterContinental Hotels Group PLC announces the sale of the 524 room Jamaica Holiday Inn Sunspree Hotel to Octagon Hotels Group Limited for $30 million, $2 million in excess of net book value.

The property, located in Montego Bay St. James, has been sold with a 10 year Holiday Inn franchise agreement. The sale is a continuation of IHG’s strategy of growing its management and franchise businesses and reducing asset ownership.

Since 2003 IHG has disposed of 182 hotels globally with a net asset value of over £2.9 billion, with proceeds in excess of net book value.