IHG ready to sell Barclay after renovation

New York's Barclay may, finally, get a new owner. That's after InterContinental Hotels Group, the hotel's owner, sells it post-renovation, CEO Richard Solomons told Bloomberg. InterContinental took the Manhattan property off the market this year and commissioned the renovation after talks on a deal failed. The work will cost more than $100 million.


 
“We will go back to the market this year,” Solomons said. “Demand for prime real estate assets in major cities is returning, mostly from non-U.S. real estate investment trusts, sovereign wealth funds and wealthy individuals.

“We have taken the time to create full refurbishment plans,” he said. “What makes it attractive is the opportunity to enhance the asset, do great refurbishment and create value that way.”

The renovation will include adding more meeting rooms. The property was first put up for sale in 2011.

 

Suggested Articles

Best Western Hotels & Resorts’ North American members have voted not to convert from a nonprofit model to a for-profit company.

The former San Rafael Hotel on Uruguay's Punta del Este will become the Cipriani Ocean Resort.

A new report from Union Investment and Bulwiengesa claims the investable hotel market in Germany increased 9.5 percent in value in 2018.