Qatar’s Constellation Hotel Holdings buys InterContinental Barclay, New York

Qatar’s Constellation Hotel Holdings has agreed to acquire an 80 percent stake in a joint venture with InterContinental Hotels Group  to own and refurbish the InterContinental New York Barclay for US$ 240m.  IHG said in a statement that it will retain a 20 percent interest in the hotel, adding that the transaction is expected to complete in the first quarter of 2014.  It added that it has secured a 30 year management contract on the hotel, commencing in 2014, with two ten year extension rights at IHG’s discretion, giving an expected contract length of 50 years.

Intercontinental Barclay New York