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Holiday Inn sold in nine-hotel deal

THE City Centre Holiday Inn in Perth has been sold as part of a deal involving nine Intercontinental hotels in Australia and New Zealand. Eureka Funds Management bought the hotels for $390 million cash. The Intercontinental Hotels Group will continue to manage the hotels for 10 years, with an option to extend for a further 10 years.The nine hotels – five Holiday Inn hotels in Australia, three Crowne Plaza hotels in Australia and the InterContinental Wellington in New Zealand – were placed on the market in April 2005 as part of IHG’s continuing asset disposal program.

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