International Hotel Investments plc - Sale of Coastline Hotel

On 20 February, Island Hotels Group Holdings plc announced that its subsidiary, Island Hotels Group Limited entered into a promise of sale agreement for the sale of Coastline Hotel to Claret Holdings Limited for a total consideration of €14 million. The deal is expected to be concluded by 25 April 2014 and is subject to certain conditions.

Concurrently, Island Hotels, thorough its event catering division, has entered into an agreement with Claret Holdings to supply the Coastline Hotel with food and beverage services for five years from the date of the share transfer.

Island Hotels explained that the sale of the hotel is in line with its strategy to focus on the five star segment of the local hotel industry. The proceeds of the sale will be applied to the further development in the five star segment as well as the other core activities of the Group including vacation ownership, high end event catering and the development of the Costa Coffee brand locally and internationally.