Goldman Sachs has placed a portfolio of 46 Intercontinental hotels, owned by its Whitehall Fund, up for sale with a price tag of £500m. Sunday Times.

The hotels are mainly in France, Belgium and Italy and are run under the Holiday Inn and Crowne Plaza brands.

Intercontinental has sold most of its hotels to funds such as Whitehall, following a strategy of sale-and-manage-back arrangements under which it has returned £3.6bn to shareholders.