The “iconic” InterContinental Hong Kong has been sold for $938 million as the chain completes a property disposal programme.

The new owner, hotel investment firm Supreme Key, is to refurbish the hotel over 18 months from 2017.

IHG will retain a 37-year management contract on the hotel, with three 10-year extension rights.

The 503-room hotel on the Kowloon waterfront opened in 1980 and has been wholly owned by IHG and operated under the InterContinental brand since 2001.

IHG CEO, Richard Solomons, said: “The InterContinental Hong Kong is an exceptional property and an iconic hotel in our portfolio.

“This sale highlights the enduring appeal of InterContinental as one of the world’s leading luxury hotel brands.

“We are very pleased to be working closely with a highly regarded hotel investor that will be a great partner for IHG and with whom we look forward to building a successful long term relationship.

“This transaction completes the disposals of our major owned assets.

“Since our formation in 2003 we have disposed of almost 200 hotels for gross proceeds of almost $8 billion, and have returned over $10 billion to our shareholders.

“Looking forward, we will continue to focus on the disciplined execution of our winning strategy for sustainable high quality growth.”