Leading hotel group InterContinental Hotels (IHG) has sold 73 of its properties in the UK for £1bn.
The buyer is LRG Acquistion, a consortium of Lehman Brothers Real Estate Partners, GIC Real Estate based in Singapore and Realstar Asset Management.
The properties sold are four Crowne Plazas hotels, 68 Holiday Inns and one Express by Holiday Inn. Between them the hotels have 12,841 rooms.
IHG said 63 were core hotels and the others part of its secondary portfolio.
Under the deal, the core hotels will be branded IHG and managed by the group for 20 years with an option to extend this for two further periods of five years.
Since it announced its strategy in 2003 to sell off properties and switch from a hotel owner to a hotel management company, IHG, the largest hotel chain in the world, has sold off or agreed to sell 121 properties worth £1.75bn.
The money from the latest sale will go to shareholders.
Mr Richard Solomons, IHG's financial director, said: “This is a significant step forward in the execution of our strategy and we have achieved attractive hotel management contracts.”
“These long term contracts give us excellent continued representation for Holiday Inn in the UK, one of out most important markets globally, and illustrate our strength as one of the leading hotel management companies in the world.”