Bloomberg reportes that IHG plans to sell its InterContinental Hong Kong property and to seek at least $1 billion from the sale of the five-star, 503-room hotel.

InterContinental Hotels Group (IHG) is reported by Bloomberg to be selling its InterContinental Hong Kong property. IHG is thought to be seeking at least $1 billion from the sale of the five-star, 503-room hotel.

Opened in 1980 as the Regent Hong Kong hotel, the 17-story property was previously owned by Hong Kong billionaire Cheng Yu-tung’s New World Development Co. New World sold the hotel in 2001 for US$346 million.

Earlier this year, Wyndham Worldwide Corporation, which is the world's biggest hotel operator with 7,500 sites, made a preliminary offer to acquire IHG in a deal that would have united brands such as Holiday Inn, Travelodge and Crowne Plaza.

Sources said at the time that Wyndham's initial approach to combine with IHG had been rebuffed and was no longer live, but suggested that it could subsequently be revived.