IHG completes sale of Hong Kong business 

30th Sep 2015 07:24

(ShareCast News) - InterContinental Hotels Group (IHG) has completed the sale of its Hong Kong business, it announced Wednesday.Supreme Key Limited, a consortium of investors advised and managed by Gaw Capital Partners, purchased InterContinental Hong Kong for $929m (£613m).As announced in July, the FTSE 100-listed company will continue to manage the hotel on a long-term basis with an initial 37-year management contract and three 10-year extension rights.Management fees payable to IHG are initially expected to be approximately $8m (£5.27m) per year, but increasing following the hotel's planned refurbishment.