• 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."

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