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Article: Consortium led by Realstar Group and Lehman Bros. Real Estate Partners purchases 73 UK hotels from InterContinental Hotels Group for CDN$2.3 Billion.
- Article from:
- PR Newswire
- Article date:
- March 10, 2005
CopyrightCOPYRIGHT 2005 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TORONTO/LONDON, U.K., March 10 /PRNewswire/ -- Toronto-based Realstar Group announced today that in joint-venture with Lehman Bros. Real Estate Partners, LP and GIC Real Estate Pte Ltd., the investment arm of the Government of Singapore, it has entered into an agreement with InterContinental Hotels Group PLC to purchase 73 hotels under the Crowne Plaza, Holiday Inn and Express by Holiday Inn brands in the United Kingdom. Subject to EU Merger clearance and shareholder approval, the sale is expected to close in the second quarter of 2005 which will be sought at a special meeting as soon as practicable.
LRG Acquisition Limited, the consortium entity, will pay a ...