InterContinental Hotels Group PLC announces the completion of the sale of hotel to Supreme Key Limited for $929 million.

InterContinental Hotels Group PLC (IHG) [LON:IHG, NYSE:IHG (ADRs)] announces the completion of the sale of InterContinental Hong Kong to Supreme Key Limited, a consortium of investors advised and managed by Gaw Capital Partners. IHG will continue to manage the hotel under a long-term management contract.

Gross disposal proceeds of $929 million have been received in cash, after initial working capital adjustments. The terms of the transaction are otherwise unchanged from those announced on 10 July 2015.

The InterContinental Hong Kong is a five-star hotel with 503 rooms including 87 suites. Its restaurant is SPOON, by Alain Ducasse (one Michelin star). The property had been owned and operated by the American group since 2001.

IHG is thus continuing its sell-off strategy after the sale earlier this year of the Le Grand Hotel de Paris to Qatari Constellation Hotels Holding for 330 million euros.

As of January 1, the InterContinental Hotels Group was the leading hotel group worldwide in terms of number of rooms with 710,295 units in 4,840 properties according to MKG Hospitality, consulting firm founded by Georges Panayotis. (Read our report)

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