Intercontinental Sells 73 Hotels to Lehman Bros. for €1.4 Billion

British hotel chain Intercontinental has just sold 73 hotels for €1.4 billion to a group led by Lehman Brothers. This operation is part of a strategic overhaul wielded by the company to manage and franchise hotels rather than own them altogether.

The firm’s front office indicated the surplus generated by the transaction will be shared among all stockholders at the end of this year’s second quarter. The British hotel chain has already doled out ₤767 million among its shareholders.