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InterContinental Hotels Group Plc agreed to sell the InterContinental Hong Kong to a group of investors advised and managed by Gaw Capital Partners for $938 million.

InterContinental will retain a 37-year management contract for the hotel, the company said in a statement Friday.

Gaw Capital made a commitment to refurbish the hotel, which is expected to start in 2017 and take about 18 months.

InterContinental will make a pretax profit from the sale of $700 million, with an estimated non-cash tax charge of $40 million, according to the statement.

This article was written by Alfred Liu from Bloomberg and was legally licensed through the NewsCred publisher network.

Photo Credit: The lobby of the InterContinental Hotel in Hong Kong. InterContinental Hotels