IHG announces sale of 9.5 million shares in FelCor

InterContinental Hotels Group has announced the sale of 9.5 million shares in FelCor Lodging Trust Incorporated for US$19 per share, a total of US$180.5 million.

The shares were held in IHG’s accounts at market value, which on 30th September 2005 was $15.15 per share.

This sale follows IHG’s renegotiation of its management agreement with FelCor, announced on 25 January 2006.

Recently, FelCor Lodging Trust Inc., a hotel real estate investment trust , appointed Richard A. Smith as president and chief executive officer. FelCor said Smith succeeds Thomas Corcoran, president and chief executive officer of FelCor since its founding in 1991. Smith joined FelCor in November 2004 as chief financial officer.

FelCor said Corcoran has been appointed chairman of its board, with Donald McNamara resigning as chairman, but remaining on the board. Michael Rose will resign from the board, effective February 7, 2006.Andrew Welch has been appointed chief financial officer, succeeding Richard Smith.