InterContinental Hotels Group has announced the sale of the InterContinental Mark Hopkins San Francisco to joint venture between affiliates of Woodridge Capital Partners and funds managed by Oaktree Capital Management. However, IHG will continue managing the property under a long-term management agreement.At 383 rooms, the hotel sold for $300 thousand per room, or a total of $120 million. The sale is a continuation of the group's strategy to reduce its capital intensity. Over the last 12 months, IHG has agreed to dispose of three owned InterContinental hotels, with total gross proceeds of nearly $830 million.
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