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COVID-19: IHG served on 103 hotels | Spain’s crash

IHG served notice on 103 hotels InterContinental Hotels Group has received a notice of event of default and termination from Newton, Massachusetts-based Service Properties Trust or SVC, as a result of IHG’s failure to pay SVC approximately US$8.4 million of required priority return for the month of July. IHG has 30 days, or until August 24, to make the payment plus accrued interest to avoid termination of its operating agreements with SVC (which cover 103 properties). SVC has the right to keep the hotels branded and managed by IHG for up to one year post termination if it ultimately comes…
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