Strategic Hotels & Resorts sells InterContinental Prague hotel for US$143M as part of country's plan to exit European market, reduce expenses
December 17, 2010
– Real estate investment trust Strategic Hotels & Resorts Inc. said Thursday it has completed the sale of its InterContinental Prague hotel to an investment group led by an affiliate of Westmont Hospitality Group for about euro108 million ($143 million).
The 327-room Czech Republic hotel is located in Prague on the banks of the Vltava River.
CEO Laurence Geller said the sale is another step in the company's plans to exit the European market, reduce corporate expenses and eliminate future capital investment required to maintain the property.
The Chicago-based company owns 16 hotels in the United States, Mexico and Europe with more than 7,600 rooms.
Shares rose 8 cents to close at $4.83.
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