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IHG Seeks to Retain 20% Stake in New York Barclay

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Published on 28/08/12 - Updated on 17/03/22

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InterContinental Hotels Group is reportedly seeking to retain a stake of as much as 20% in the renowned Barclay hotel in New York, which was put on the market last year in a move to free up cash for investors.

The year-long sale process of the New York Barclay is believed to be completed in the next few months, according to the group’s Chief Executive Richard Solomons. Talks have been underway with Qatari hotel owner Ghanim Bin Saad Al Saad, likely to be the exclusive buyer. IHG hopes the new owner will commit to a $100m refurbishment of the hotel, which it will continue to operate after the sale.When announcing its second quarter results earlier this month, the hotel group said that the sale of the property, estimated at $350 million, would partially fund a $1 billion return of capital to investors.

InterContinental Hotels Group
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InterContinental Hotels Group

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  • InterContinental Hotels Group United Kingdom
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