InterContinental Hotels Group PLC said Tuesday it is putting seven hotels across Europe up for sale as part of its strategy to reduce its asset ownership.

The sale of the hotels _ in Amsterdam, Budapest, Cannes, Rome, Frankfurt, Madrid and Vienna _ is expected to take up to nine months. IHG did not name any potential buyers.

Windsor-based IHG, the world's largest hotel company, said it also plans to sell a portfolio of its mid-scale European hotels that will keep the brand name. The group has not said how many of these hotels it is selling or when they will be placed on the market.

The two hotel portfolios are worth 600 million pounds ($106.1 million) and are the last group of hotels that IHG had earlier announced it was going to sell.

In 2004, the two portfolios generated revenues of 310 million euros ($374.9 million), and had EBITDA, earnings before interest, tax, depreciation and amortization, of 67 million euros ($81.0 million).

IHG said the move to put the hotels on the market continues its strategy of increasing the company's management and franchise businesses ownership and reducing its asset ownership.

Including these two latest portfolios, IHG's sales of hotels totals 176, with a value of more than 2.8 billion pounds ($4.95 billion).

Source: The Associated Press