Iranian Investor Acquires Former Tehran Intercontinential

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Iran Tourism Development Company sold the former 5-star 370 rooms Intercontinential Hotel in Tehran (plus three of its other smaller hotels and complexes) to an unnamed Iranian investor through a tender process for $130 million. The base price for Laleh Hotels (the new name of Intercontinential Hotels after Iranian revolution) has been $95 million and had been advertised on Iranian English papers (PDF), their website, as well as other sources like MEED. It was open for foreign bids as well.

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