InterContinental Hotels Group to sell stake in NYC Barclay Hotel

InterContinental Hotels Group has agreed to sell an 80 percent stake in the InterContinental New York Barclay Hotel to an affiliate of Constellation Hotels Holding for $240 million. Under the deal, the 685-room hotel will also undergo $175 million in renovations beginning in 2014. IHG will continue to operate the property as part of a new 30-year management contract and will retain a 20 percent stake in the hotel. Read the HotelsMag.com story here.