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IHG Loses More Than 100 Properties

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InterContinental Hotel Group is losing 103 properties across the US, Canada, and Puerto Rico after failing to pay returns and rents.

Service Property Trust will transfer the hotels’ branding and management to Sonesta International Hotels Corporation.

According to a press release:

SVC sent notices of termination to IHG for failure to pay SVC’s minimum returns and rents due for July and August 2020 totaling $26.4 million, plus accrued interest, and IHG had until August 24, 2020 to avoid termination by making payment to SVC. SVC did not receive any payment from IHG by August 24, 2020, nor does SVC expect to receive any payments from IHG in the future, and the management agreements with IHG will be terminated. The effective date of the termination is November 30, 2020, which is the same date that SVC currently plans to transfer the branding and management of these hotels to Sonesta.

Changing hands will be:

  • Three InterContinentals
  • Three Holiday Inns
  • Five Kimptons
  • 11 Crowne Plazas
  • 20 Staybridge Suites
  • 61 Candlewood Suites (ouch!)

H/T: Hotel News Resource and HotelManagement.Net

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Rene’s Points For Better Travel, a division of Chatterbox Entertainment, Inc. has partnered with CardRatings for our coverage of credit card products. Rene’s Points For Better Travel and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. As an Amazon Associate I earn from qualifying purchases.


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3 Comments

  1. This is bizzarro. Where would IHG obtain 27 million dollars when their revenue stream is practically dried up? There must be more to the story than this.

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