IHG Sells Big Stake in InterCon NY Barclay

1InterContinental Hotels Group has sold an overwhelming majority stake of its historic InterContinental New York Barclay for $240 million, which values the hotel at $300 million prior to refurbishment.

Constellation Barclay Holding US, LLC?an affiliate of Constellation Hotels Holding Ltd.?purchased 80% of the 685-room hotel in a transaction arranged by JLL. IHG will hold the remaining 20% of the property, which is located at 111 E. 48th St.

The JLL Hotels & Hospitality Group was led by Mark Wynne-Smith, global CEO; Arthur Adler, managing director and CEO, Americas; Jeffrey Davis, managing director and Gilda Perez-Alvarado, EVP.

?The parties of this joint venture seized an incredible opportunity to own and elevate the positioning of an iconic hotel in one of the top global lodging markets,? says Wynne-Smith.

According to Adler, the InterContinental New York Barclay attracted strong interest from domestic, Middle Eastern and Asian investor groups by virtue of its long-standing reputation in New York, its affiliation with InterContinental Hotels, and its location in one of Manhattan?s strongest lodging sub-markets.

Source: Rayna Katz (2014). IHG Sells Big Stake in InterCon NY Barclay, GlobeSt 1 published Apr 04, 2014. Viewed Apr 08, 2014.