InterContinental sells trio of EVEN hotels

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InterContinental Hotels Group has sold three of its EVEN
branded hotels to a joint venture of Taconic Advisors and 6R Hospitality with
Klirmark Capital.

The sale price has not been disclosed, but Cushman &
Wakefield announced it served as the exclusive advisor to the JV in the
procurement of acquisition financing for the hotels located in Brooklyn, New
York; Rockville, Maryland; and Norwalk, Connecticut.

The firm’s Stephen Michels, Dan O’Brien and Loren Valla
represented the borrower. MidCap Financial is providing first mortgage debt to
facilitate the acquisition.

All three hotels will continue to operate under the Even
Hotels brand as part of long-term franchise agreements, and Crescent Hotels
& Resorts has been selected to manage the assets on behalf of the new
owners.

With 21 open hotels, nearly 3,000 open rooms and 30 hotels
in the pipeline, EVEN Hotels is part of IHG Hotels & Resorts’ luxury and lifestyle
portfolio – the second largest in the industry globally. Geared for the
wellness-minded traveler, recent openings include EVEN Hotel Miami Airport in
Florida, EVEN Hotel Seattle – South Lake Union in Washington and EVEN Hotel
Alpharetta in Georgia.

InterContinental Hotels Group bought the site at 40 Nevins
Street in Brooklyn for $19 million in 2013 as part of its roll-out on the
then-new EVEN brand. The hospitality giant retained development group CBCS
Brooklyn LLC to build the 204-room hotel. Partners in CBCS include Sam Chang of
McSam Hotel Group,  Barone Management and
investor Jimmy Chou.

New York-based 6R Hospitality is a hotel investment and
asset management platform part of 6R Capital Group. Klirmark Capital is an
Israeli investment advisor. Based in the Hudson Valley, Taconic Advisors was
founded in 1999 by former Goldman Sachs partners, Frank Brosens and Ken Brody.

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