21 Holiday Inn hotels go up for sale

28-May-2014 - Last updated on 26-Apr-2021 at 19:46 GMT

Related tags Holiday inn Intercontinental hotels group

Christie + Co are seeking offers in excess of £70m for the whole group of 21 Holiday Inn hotels

A portfolio of 21 of the 61 hotels in the LRG Acquisition Limited (LRG) Holiday Inn portfolio, operating under the InterContinental Hotels Group (IHG) brand, has been put up for sale through property adviser Christie + Co.

Christie + Co are already experiencing a great deal of interest in the portfolio and are seeking offers in excess of £70m for the whole group. Offers for small groups or individual hotels are also being considered and guide prices are available to potential buyers.

Christie + Co’s director of Corporate Hotels Jeremy Jones said: “Strong interest has already been shown in all the hotels, which are being offered free of management and with an interim Holiday Inn franchise agreement until the end of this year, and as such we have set a first round offer deadline of 11 June.”

When asked why the group was selling the hotels, a spokesman for IHG said: “IHG has a long-standing and productive relationship with LRG. Following a thorough review of the LRG Holiday Inn portfolio, IHG has agreed with LRG that 21 of their 61 hotels operating under IHG’s brands in the UK can be sold with or without a contractual tie to the Holiday Inn brand. We expect this process to take place over the next 6 to 18 months and anticipate that some hotels will retain the Holiday Inn brand once sold. IHG will continue to manage the hotels in the meantime.”

The news of 21 Holiday Inn hotels going up for sale comes shortly after the sale of two Holiday Inn Express hotels in Scotland, one in Edinburgh’s Royal Mile and the other in Dunfermline. The two hotels were purchased by Chardon Trading in a package deal with both businesses continuing to be run by Interstate under the Holiday Inn Express franchise. The purchase price is unknown but offers were being invited of around £12m for the two hotels when bought together.

Full list of Holiday Inn hotels up for sale: