Over the last 12 months IHG has agreed to dispose of three owned InterContinental hotels, with total gross proceeds of almost US$830 million.

　　Along with its 2014 Q4 earnings report, IHG announced the sale of the 383-room InterContinental San Francisco Mark Hopkins to a joint venture between affiliates of Woodridge Capital Partners and funds managed by Oaktree Capital Management L.P. for US$120 million gross cash proceeds.

　　IHG, Denham, England, will continue to manage the hotel under a long-term management contract, while the new owners have agreed to invest approximately US$20 million to refurbish and reposition the hotel. IHG said the hotel generated revenues of US$42 million and EBIT of US$6 million in 2013 and had a net book value of US$90 million at December 31, 2013.

　　Over the last 12 months IHG has agreed to dispose of three owned InterContinental hotels, with total gross proceeds of almost US$830 million.

　　"We continue to use the asset light strategy to focus on our brands," IHG's Americas President Kirk Kinsell told on Tuesday. "We are developing three Even hotels and as we get them open and performing I am sure we will look to recycle that capital. But there is no pressure to sell and will continue to depend on market dynamics and what is best for our shareholders. There aren’t a lot of owned assets left with just nine today, along with the three Evens, compared to nearly 300 some 10 years ago."

　　The announcement came on Tuesday along with IHG's year-end 2013 results. IHG reported a pre-tax profit rising almost 10% to US$600 million, but profits dipped 31% to US$372 million as a result of increased tax charges. IHG also reported revenue in 2013 grew 4% to US$1.9 billion, while RevPAR increased 3.8%.

　　IHG also continues to increase dividend payout, announcing a 9% full-year dividend to US$0.70 per share, representing a 69% increase from the dividend payout in 2009.

　　For the fourth quarter of 2013, total portfolio RevPAR performance was up 4.4% year-on-year. By region RevPAR was up 3% year-on-year in the U.S., 4.9% in Europe, 6.4% in AMEA and 2.4% in Greater China.

　　IHG said it continues to be confident about 2013 demand in the U.S. and expects improving conditions in Europe. It added that Q4 trading in China also improved despite difficult economic conditions.

　　Looking ahead, Kinsell said IHG's focus in the Americas will be on investing where appropriate behind the growth of our brands. "We look for opportunities to prop up or replace assets where we don't have presence in key markets," he said. "We might help sponsor conversion or develop ourselves."