IHG Secures 50-Year U.S. Air Force Lodging Deal and Cancels 41,000 Shares
IHG Hotels & Resorts and Centinel Public Partnerships secured a 50-year contract to own, develop and manage on-base lodging at all U.S. Air Force installations. On May 18, IHG repurchased 41,000 ordinary shares at an average of $149.88 each for cancellation, cutting shares outstanding to 149.71 million.
1. U.S. Air Force Lodging Partnership
IHG Hotels & Resorts and Centinel Public Partnerships LLC signed a 50-year agreement with the Department of the Air Force to own, develop and manage on-base lodging across all U.S. Air Force installations, with operations transitioning in multiple phases to commercial ownership.
2. Share Repurchase Program Update
On May 18, IHG purchased 41,000 ordinary shares on the London Stock Exchange at prices ranging from $146.45 to $151.20, averaging $149.8772 per share, and intends to cancel the shares, reducing its ordinary shares outstanding to 149,706,713.