InterContinental Hotels Group PLC (IHG) [LON:IHG, NYSE:IHG (ADRs)] today announces that it has completed the sale of InterContinental Mark Hopkins San Francisco (“the Hotel”) to a joint venture between affiliates of Woodridge Capital Partners and funds managed by Oaktree Capital Management L.P., the terms of which were announced on 18 February 2014.
$120m gross disposal proceeds have been received in cash. IHG will continue to manage the Hotel under a long-term management contract.