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Business News

IHG's Park Lane hotel up for sale

One of London's best-known hotels, the Intercontinental in Park Lane, has been put on the market by Intercontinental Hotels Group as it moves ever more from owning to managing hotels.

More than nine out of 10 rooms in the 51 hotels that the chain runs in London or near out-of-town Olympic venues are currently occupied.

IHG's chief executive, Richard Solomons, said: "We would expect 80 per cent occupancy during August so the Olympics has clearly had a beneficial effect.

"The Holiday Inn brand is 60 years old this year but our involvement with the Olympics has had a hugely positive effect on its awareness among consumers."

The Park Lane hotel, which overlooks Hyde Park Corner, could fetch more than £200m, according to analysts. It opened in 1974 and underwent a £75m refurbishment five years ago.