Intercontinental Hotels Group (IHG) and Palminvest said construction has started on two new hotels in Portugal. The hotels will provide some 253 rooms in Porto and at Lisbon's airport, and will be operated under a franchise agreement. The hotels are expected to open at the beginning of 2008.
Morgan Stanley spin-off, Proprium, made a 20-times multiple on its €65 mln equity investment in 2007 in Motel One.
