InterContinental shares sink on Mark Hopkins hotel sale
Intercontinental Hotels Group has said it's more and more optimistic about 2014 as it posted a near-ten per cent increase in profit.
But the Crowne Plaza and Holiday Inn owner also said this morning that it’s selling another landmark hotel – the Mark Hopkins in San Fransisco, for £120m (£71.7m).
The cash sale is to Woodridge Capital and Oaktree Capital – two US funds.
The group also said David Kappler has retired from its board after almost 10 years.
In a separate statement, Intercontinental reported a four per cent rise in full year revenues to $1.9bn (£1.2bn).
Profit before tax increased 9.7 per cent to $600m in the year.
Its US business performed well, offsetting weaker growth in Europe, which saw revenues fall eight per cent to $400m and operating profits fall six per cent to $105m.
The group said it’s upped its ordinary dividend to 70 cents per share.
Shares are down over four per cent this morning.
