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Sale of Holiday Inn Jamaica AnnouncedSeptember 11, 2008 By: Joe Pike
InterContinental Hotels Group PLC announced the sale of the 524-room Jamaica Holiday Inn Sunspree Hotel to Octagon Hotels Group Limited for $30 million, $2 million in excess of its net book value. The property, located in Montego Bay, has been sold with a 10-year Holiday Inn franchise agreement.
"There is still an appetite in the market for high quality hotels with a strong brand which offer a solid return on investment for property owners,” said Richard Solomons, InterContinental Hotels Group’s finance director and interim president for the Americas in a written release.