• Strategic to sell InterContinental Prague

Strategic Hotels & Resorts is to sell the InterContinental Prague to an investment group led by an affiliate of Westmont Hospitality for Eu110.6m.

The 372-room property was forecast to contribute approximately Eu6.1m in EBITDA for the full year 2010, representing a sales multiple of 18.1 times and a capitalisation rate of 4.8% on NOI. CEO Laurence Geller said: "We are pleased to announce the sale of this property as it reduces corporate overhead related to our European operations, and is in line with the company’s disciplined, strategic disposition strategy."

See the full release here:
http://ir.strategichotels.com/phoenix.zhtml?c=176522&p=irol-newsArticle&ID=1475043&highlight=

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