Paradise hotel

Intercontinental Hotels’ grand disposal programme continues to delight. The world’s largest hotelier has pulled off its biggest sale to date – 73 UK properties jettisoned to a real estate consortium for £1bn, which will duly be returned to shareholders. The sale price is only a smidgen below book value. It’s also a creditable 11 times ebitda, after taking into account the income from long-term contracts IHG has signed to run the properties. IHG has now returned £1.8bn since its demerger in 2003 ...