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Intercontinental Budapest changes hands

Morgan Stanley has sold seven Intercontinental hotels in Europe, including one in Budapest, to the Lebanese businessman Toufic Aboukhater, reported.

The hotels, in Vienna, Amsterdam, Madrid, Rome, Frankfurt and Cannes, as well as Budapest, were sold for €450 million, according to press reports.

Morgan Stanley bought the portfolio of hotels in 2006 for €634 million.