InterContinental Hotels Group has completed the
acquisition by Constellation Barclay Holding US, LLC, of an 80%
interest in a joint venture with IHG to own and refurbish
InterContinental New York Barclay.
IHG will continue to manage the
hotel under a long-term management contract.
The terms of the transaction were announced on
19 December 2013. Since then, the joint venture has raised
external debt, following which IHG has received total gross
disposal proceeds in cash of $274m.
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