IHG announces sale of 31.25% stake in Premier Hotels Christchurch

Singapore, 11 June 2008 - IHG (InterContinental Hotels Group), one of the world's largest hotel groups by number of rooms, announced today that it has signed an agreement to sell its 31.25% stake in Premier Hotels (Christchurch) Limited to Premier's majority shareholder, Christchurch Hotels Limited.  Premier owns Crowne Plaza Christchurch through one of its subsidiary companies.  

At the same time, Premier Hotels, which owns the Hotel through its subsidiary, Victoria (Hotels) Christchurch (VHL), has announced the sale of VHL to a company controlled by Eureka Funds Management of Australia.  Both agreements are subject to a number of conditions, which are expected to be satisfied on or around 31 August 2008.

The Hotel will continue to be operated by IHG as the Crowne Plaza Christchurch, adding to the ten other hotels owned by Eureka funds that are managed and operated by IHG throughout Australia and New Zealand.

Tony South, Senior Vice President, Development & Asset Management , IHG Asia Pacific commented:  "This is a significant transaction for IHG.  It contributes to our ongoing strategy of reducing IHG's level of asset ownership.  We are also extremely pleased that we will continue to manage this landmark hotel on behalf of Eureka, one of IHG's most important owners globally.''

Regarded as one of New Zealand's finest hotels, the nine-storey Crowne Plaza Christchurch has 298 guestrooms including 19 suites. The Hotel looks over picturesque Victoria Square and the Avon River, within the centre of Christchurch City.  The Hotel, linked to the Christchurch Convention Centre and adjacent to the Christchurch Casino, is just minutes from the central business district.

As part of a strategy to continue to grow its management and franchise businesses and reduce asset ownership, IHG has disposed of 182 hotels globally with a net asset value of over £3 billion (approx. US$5.86 billion) since 2003.


Contacts:
Birte Sebastian    
IHG Asia Pacific (Singapore)  
+65 9638 5788       
[email protected]

Kelly Leahy
Ruder Finn Asia Pte Ltd
+65 6336 2351
[email protected]

Notes to Editors:

InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] is one of the world’s largest hotel groups by number of rooms. IHG owns, manages, leases or franchises, through various subsidiaries, almost 4,000 hotels and more than 590,000 guest rooms in nearly 100 countries and territories around the world. The Group owns a portfolio of well recognised and respected hotel brands including InterContinental® Hotels & Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites® and Hotel Indigo®, and also manages the world’s largest hotel loyalty programme, Priority Club® Rewards with over 37 million members worldwide.

IHG pioneered the travel industry’s first collaborative response to environmental issues as founder of the International Hotels and Environment Initiative (IHEI). The environment and local communities remain at the heart of IHG’s global corporate responsibility focus. IHG is the first major hotel group to have measured the environmental and carbon footprints of hotels that operate under our brands globally and is in the process of setting reduction targets.

With more than 1,600 hotels in its development pipeline, IHG needs to recruit around 150,000 people over the next few years to meet its global expansion plans.

InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales.

IHG offers information and online reservations for all its hotel brands at www.ihg.com and information for the Priority Club Rewards programme at www.priorityclub.com. For the latest news from IHG, visit our online Press Office at www.ihg.com/media