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InterContinental sells Central Park property
InterContinental Hotels has announced the sale of its Central Park property in New York for $63.5m (£35m).
The hotel, InterContinental Central Park South, has been bought by Anbau Enterprises, which intends to develop it into co-operative apartment units.
The sale price, representing $300,000 (£165,000) per room, is a slight increase on the book value of the property and is part of the hotel group’s strategy of reducing the number of hotels it owns.
Last week, the group announced its final results for the year to 31 December, giving an upbeat look on trading in 2004, despite a 16 per cent fall in operating profits in 2003.
Chief executive, Richard North, said: “The fifteen months to 31 December were probably the most difficult period experienced in the hotel industry in living memory.
“We have, for some time, been cautious when commenting on current trading. However, trading over the last six months now gives us some confidence to say that we believe conditions are improving steadily in both the Americas and the UK.
“Furthermore, trading in Asia Pacific has recovered substantially since the SARS scare. However, continental Europe remains difficult and this is being exacerbated by the weakness of the US dollar.” Details: www.ihgplc.com