Intercontinental Hotels plans to rid itself of properties worth £750 million to start the recovery from three years of falling reservations.
The company operates 3,500 hotels. Most of the UK Holiday Inn and Crown Plaza hotels will be up for sale as will the Intercontinental Paris hotel.
Intercontinental will retain a portfolio of just 50 owned hotels, as it switches strategic direction from outright ownership to become a broadly-based hotel management and franchised hotels group. It will continue to manage most of the properties it sells.
The 50 owned hotels will also be sold off eventually, with more cash returned to shareholders.
The company revealed its medium to long-term plans as it unveiled an impressive 55.4 per cent rise in pre-tax profits, to £143m.
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