Solomons added: "We are now able to recycle the capital to develop our brands, for example through the recently announced joint venture with Brack Capital Real Estate to develop a Hotel Indigo hotel on the Lower East Side of Manhattan." We built this showcase Hotel Indigo using IHG's own capital in 2009 to drive growth of this branded-boutique hotel brand across the Americas and accelerate international expansion." Since then IHG has signed 45 Hotel Indigo hotels globally including 14 in Europe and 6 in Asia. Richard Solomons, incoming Chief Executive and currently CFO and Head of Commercial Development of IHG, said: "The sale of the Hotel Indigo San Diego is another great example of our asset light strategy and brand building in action. Following this sale, IHG has 12 owned hotels with the InterContinental New York Barclay currently on the market. During 2011 alone, IHG has agreed proceeds of over $140m for the sale of three hotels and divestment of an equity stake, with a combined net book value of $105m. Over the same period, IHG has returned almost $6 billion to shareholders. Since 2003, IHG has released $5.7 billion of capital through the sale of 187 hotels and the divestment of equity stakes. The sale is a continuation of IHG's strategy of growing its management and franchise businesses and reducing capital intensity. IHG will continue to manage the hotel under a long-term management agreement. London, 20 June 2011 - IHG (InterContinental Hotels Group) announces the sale of the 210-room Hotel Indigo San Diego to Chesapeake (Chesapeake Lodging Trust) for US$55.5 million in cash. IHG announces sale of Hotel Indigo San Diego for $55.5m Transforming Existing Hotels to Net Zero Carbon.Supporting the Trevor Project at Kimpton.Finding ways to reduce packaging in our supply chain.Helping to build a fairer future with Project L.O.V.E.Recognition for our efforts in the 2021 HERoes Advocates list.Supporting a multistakeholder project on ethical recruitment.Working with Byredo to reduce waste within the InterContinental brand.Responsible procurement at our new Windsor Head Office.Purpose-driven procurement – supporting indigenous populations.Annual Reports and Responsible Business Reports.Park’s portfolio currently consists of 57 premium-branded hotels and resorts with over 32,000 rooms primarily located in prime city center and resort locations.
Park is the second largest publicly traded lodging REIT with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value. Baltimore, Jr., Chairman and Chief Executive Officer of Park. The sale of these two hotels represents our ongoing commitment to reduce net leverage and better position our portfolio for long-term, sustainable growth,” commented Thomas J. Year to date, we have sold three hotels for total proceeds of $173.1 million, or 13.5x 2019 EBITDA, on a gross basis. “I am very pleased with the progress we have made towards our targeted goal of $300 million to $400 million of asset sales in 2021. Proceeds from the sale will be used to fully repay debt currently outstanding on the Company’s revolving credit facility and partially repay debt currently outstanding on its one remaining bank term loan. When adjusted for Park’s anticipated capital expenditures (“capex”), the sale price represents a 7.0% capitalization rate on 2019 net operating income (7.4% excluding capex), or 12.8x 2019 EBITDA (12.2x excluding capex). (NYSE: PK) today announced that it has closed on the sale of the 210-room Hotel Indigo San Diego Gaslamp Quarter in San Diego, CA and the 204-room Courtyard Washington Capitol Hill Navy Yard in Washington, DC, for combined gross proceeds of $149 million, or approximately $360,000 per key. TYSONS, Va., J(GLOBE NEWSWIRE) - Park Hotels & Resorts Inc.
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