February 13, 2019 / 7:30 AM / 2 months ago

IHG buys Six Senses Hotels business for $300 million

Feb 13 (Reuters) - InterContinental Hotels Group has agreed to buy the brands and operating companies of Six Senses Hotels Resorts Spas for $300 million in cash, the owner of the Crowne-Plaza and Holiday Inn chains said on Wednesday, in a move that beefs up its luxury portfolio.

The acquisition from private asset management firm Pegasus Capital Advisors does not include any real estate assets and would generate a return approximately equal to its cost of capital by the fourth year after the purchase, IHG said.

Six Senses currently manages 16 hotels and resorts, with 18 management contracts signed in its pipeline, and more than 50 further deals under active discussion. It operates properties in the Maldives, the Seychelles, Thailand, Oman, and Portugal’s Douro Valley among others. (Reporting by Shashwat Awasthi in Bengaluru)

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