News
IHG Sells Hong Kong Hotel for $938M
InterContinental Hotel Group has sold its five-star InterContinental Hong Kong hotel for $938M to a group of investors including Pioneer Global Group and Gaw Capital. Gaw plans to rehabilitate the 35-year old property on the Kowloon waterfront that holds 503 rooms and multiple Michelin three-star restaurants. The skyline views from he pool sweeten also hold their own. Gaw has already restored famed hotels from Los Angeles (The Roosevelt) to Yangon (The Strand) to their former glory. But the Hong Kong trophy stands out as one of the more impressive hotel trades. IHG, which will hold onto a 37-year management contract at the hotel, announced a $700M pre-tax profit on the sale.
