Holiday Inn 2014 Annual Report Download - page 155
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33. Events after the reporting period
On 16 January 2015, the Group completed the acquisition of Kimpton Hotel & Restaurant Group, LLC (‘Kimpton’), an unlisted company
based in the US, for $430m paid in cash. Kimpton is the world’s largest independent boutique hotel operator which, together with IHG’s
Hotel Indigo and EVEN brands, creates a leading boutique and lifestyle hotel business.
The assets and liabilities acquired largely comprise intangible assets, being the Kimpton brand and management contracts, deferred tax
assets and goodwill. Due to the close proximity of the acquisition date to the date of these financial statements, the initial accounting for
the business combination is incomplete and the Group is unable to provide a quantification of the fair values of these assets. The fair value
exercise is ongoing and it is expected that the Group will include an acquisition balance sheet with its interim results for 2015.
Acquisition transaction costs of $7m were incurred in the year to 31 December 2014 (see note 5).
If the acquisition had taken place on 1 January 2014, it is estimated that Group revenue and Group EBITDA for the year ended
31 December 2014 would have been $37m and $20m higher respectively.
34. Principal operating subsidiary undertakings
InterContinental Hotels Group PLC was the beneficial owner of all of the equity share capital, indirectly through subsidiary undertakings,
of the following companies during the year:
Six Continents Limited1
IHG Hotels Limited1
Six Continents Hotels, Inc.2
Inter-Continental Hotels Corporation2
InterContinental Hotels Group Resources, Inc.2
InterContinental Hong Kong Limited3
Société Nouvelle du Grand Hotel SA4
The companies listed above include those which principally affect the amount of profit and assets of the Group.
1 Incorporated in Great Britain and registered in England and Wales.
2 Incorporated in the US.
3 Incorporated in Hong Kong.
4 Incorporated in France.
STRATEGIC REPORT GOVERNANCE
GROUP
FINANCIAL STATEMENTS
PARENT COMPANY
FINANCIAL STATEMENTS
ADDITIONAL
INFORMATION
153