IHG Said to Seek $1 Billion For Hong Kong Hotel

    InterContinental Hotels Group is seeking at least $1 billion from the sale of the InterContinental Hong Kong Hotel, according to a Bloomberg report. The company hired Jones Lang LaSalle to find a buyer for the Hong Kong hotel, people with knowledge of the matter said, and aims to complete the sale by March. The move would be in line with IHG’s asset-light business model. Revenue per available room at the 503-room property rose 5.4 percent in the third quarter on increased business from tour groups and corporate events. Originally opened in 1980 as the Regent Hong Kong, the hotel was previously owned by Hong Kong billionaire Cheng Yu-tung’s New World Development Co., which sold the property in 2001 for $346 million.