BRIEF-InterContinental to dispose of 80 pct stake in New YOrk Barclay

Thu Dec 19, 2013 9:43am EST

Dec 19 (Reuters) - InterContinental Hotels Group PLC : * IHG announces disposal of 80% interest in Intercontinental New York Barclay * 80% interest to be acquired for gross cash proceeds of $240M * 80% interest values the hotel at $300M prior to refurbishment * Secured 30 year management contract on hotel, commencing in 2014 * Constellation Barclay Holding US, LLC and IHG have agreed to invest through the joint venture * Transaction is expected to complete in the first quarter of 2014 * Source text for Eikon: * For more news, please click here