IHG ANNOUNCES $31M LIQUIDATED DAMAGES RECEIPT IN Q1 2013
22 January 2013- InterContinental Hotels Group PLC (IHG) [LON:IHG, NYSE:IHG (ADRs)] today announces that it will receive $31m in significant liquidated damages in Q1 2013 from FelCor Lodging Trust (FelCor).
This payment is the result of an agreement between IHG and FelCor that eight properties owned by FelCor (2,526 rooms), currently branded as Holiday Inn hotels, will leave IHG's system on 1 March 2013.
These eight hotels generated $8.5m of fees for IHG in 2011, around 1% of total Americas fee revenue, and represent less than 1% of all rooms branded as Holiday Inn or Holiday Inn Express in the region.
IHG continues to grow its presence for Holiday Inn following the brand family's successful multi-year relaunch. Over 12,500 Holiday Inn and Holiday Inn Express rooms were opened and almost 19,000 rooms were signed into the Americas pipeline in 2012. This takes the Americas system size for the Holiday Inn brand family to over 315,000 rooms and the development pipeline to over 51,000 rooms as at 31 December 2012.
For further information, please contact:
Investor Relations (Catherine Dolton, Isabel Green): +44 (0)1895 512176
Media Relations (Yasmin Diamond, Joanna James): +44 (0)1895 512425
High resolution images to accompany this announcement are available for the media to download free of charge from www.vismedia.co.uk. This includes profile shots of the key executives.
Notes to Editors:
IHG (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs) is a global organisation with nine hotel brands including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites®, as well as our two newest brands, EVEN™ Hotels and HUALUXE™ Hotels & Resorts. IHG also manages Priority Club® Rewards, the world's first and largest hotel loyalty programme with over 69 million members worldwide. IHG franchises, leases, manages or owns over 4,500 hotels and more than 672,000 guest rooms in nearly 100 countries and territories. With more than 1,000 hotels in its development pipeline, IHG expects to recruit around 90,000 people into additional roles across its estate over the next few years. InterContinental Hotels Group PLC is the Group's holding company and is incorporated in Great Britain and registered in England and Wales.
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