Pursuits
InterContinental Sells Hong Kong Hotel for $938 Million
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InterContinental Hotels Group Plc is selling the InterContinental Hong Kong to a group of investors including Pioneer Global Group for $938 million.
InterContinental Hotels will keep a 37-year management contract for the five-star hotel, which opened in 1980 as the Regent Hong Kong hotel and occupies a rare waterfront site in Kowloon with views of the skyline of Hong Kong island. The Denham, England-based company will make a $700-million pretax profit from the sale, according to a statement Friday.