InterContinental Hotels Group has agreed to sell an 80 percent stake in the InterContinental New York Barclay Hotel to an affiliate of Constellation Hotels Holding for $240 million. Under the deal, the 685-room hotel will also undergo $175 million in renovations beginning in 2014. IHG will continue to operate the property as part of a new 30-year management contract and will retain a 20 percent stake in the hotel. Read the HotelsMag.com story here.