LOS ANGELES— InterContinental Hotels Group Plc Chief Executive Richard North has said the U.K.-based hotel company is preparing to sell a slew of smaller company-owned hotels over the next few years but is waiting for prices to improve, according to a Reuters report. The report indicated IHG would divest most of its smaller company-owned hotels over the next five years or so and may return the proceeds to shareholders, North toldReuters at the American Lodging Investment Summit under way here. North noted after a strategic review of the 170 hotels the company owns, it’s expected to keep most of its 20 top hotels, which are worth about half the portfolios roughly $6.35 billion value, the report said. SOURCE: Reuters
