IHG announces sale of InterContinental Buckhead Atlanta

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InterContinental Hotels Group PLC announces the sale of the 422 room InterContinental Buckhead Atlanta to Maryland based Pebblebrook Hotel Trust for US$105 million in cash. IHG will continue to manage the hotel under a long term management contract. IHG opened the hotel in November 2004 as the first newly built luxury hotel to enter the Buckhead market for over a decade (see this article published in November 2004). The hotel generated revenues of US$30.6m, EBITDA of $9.4m and EBIT of $6.7m in 2009 and had a net book value of US$82.7m at 31 March 2010. Pebblebrook will invest approximately $7m in capital improvements.

The sale is a continuation of IHG’s strategy of growing its management and franchise businesses and reducing capital intensity. Since 2003 IHG has disposed of 185 hotels globally with a combined net book value of $5.3bn and with proceeds in excess of net book value.

Richard Solomons, Chief Financial Officer and Head of Commercial Development, said: “The sale of the InterContinental Buckhead Atlanta is a great example of our asset strategy in action. We built the hotel using our own capital in 2004 to create a showcase for the brand in order to drive growth across the Americas. Since then we have signed 21 InterContinental hotels in the region. We are now able to recycle the capital we have invested in the building whilst maintaining a long term management contract with a great partner, reinforcing the strength of the brand.”

“We are extremely pleased to acquire one of Buckhead’s leading hotels in one of the nation’s fastest growing metropolitan areas,” said Jon Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust. “IHG has a superb track record in lodging and boasts a premier brand with InterContinental. We are very excited to be developing a long-term strategic relationship with IHG and look forward to working with them on this high quality hotel, as well as future opportunities.”

Image credit: VisMedia

Daniel Fountain / 15.07.2010

Editor, Hotel Designs

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Work highlights: Sienna joined Forum Events & Media Group while studying Communications and Media, starting in the sales team where she managed and helped launch the first the PA Life Leading Venues of London SHOWCASE, where she built relationships with luxury venues across the capital. Drawn to the stories behind these spaces, she naturally transitioned into the editorial team, creating social media and editorial content. Upon graduating in June 2026, she is excited to be joining as Assistant Editor for Hotel Designs and SPACE.

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During this time, she has fostered many meaningful relationships with clients from across the hospitality spectrum, as well as playing a pivotal role in the launch of The Brit List Awards, Hotel Designs MEET UPs, client-led roundtables and panel talks, brand and website redesigns, HD Wellness Sets, DESIGN POD podcast, Hotel Designs LIVE panel talk series, Accessible Design Talks and more. Katy is always on the lookout for the next opportunity to help grow the Hotel Designs brand even further.
 
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