InterContinental Hotels Group (IHG) has announced the legal completion of its sale of 23 properties in Continental Europe.
Westbridge Hospitality Fund bought the hotels in a €352m (£242m) deal originally announced in March, along with 15-year franchise contracts.
The Crowne Plaza, Holiday Inn and Express by Holiday Inn-branded hotels generated £97m turnover and operating profit of £19m in 2005.
IHG expects the deal to generate about £2.7m of franchise fees per annum.
It also marks the final tranche of disposals in IHG's stated plan to sell off 175 hotels, worth more than £2.8b, and return £2.75b to shareholders.
The disposal of the Holiday Inn Vienna South has yet to complete.
By Emily Manson
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