IHG Repurchases 20,000 Shares at 172.58 Avg, Crowne Plaza Singapore Hotel Sold for S$500m
IHG•InterContinental Hotels Group repurchased 20,000 shares on June 24 at an average price of 172.58, cutting its issued share count to 149.18 million with cancellation planned. Crowne Plaza Changi Airport, a 575-room hotel run by IHG, was sold for S$500 million to an OUE-Tokyo Century joint venture.
1. June 24 Share Repurchase
On June 24, InterContinental Hotels Group repurchased 20,000 ordinary shares at prices ranging from 169.75 to 174.50, with an average of 172.5797 per share. The company intends to cancel these shares, reducing shares in issue to 149,183,876 (excluding 5,431,782 held in treasury).
2. Crowne Plaza Changi Airport Acquisition
OUE and Tokyo Century formed a joint venture to acquire the 575-room Crowne Plaza Changi Airport for S$500 million. IHG will continue operating the hotel under its management contract, linking the property directly to all airport terminals and Jewel Changi Airport.
