InterContinental Hotels Group sells Le Grand Hotel in Paris to Qatar’s Constellation for €330 million
Qatar based Constellation Group also confirmed plans to invest over time an estimated 60 million euros to renovate Le Grand. The hotel, which has 470 guest rooms, including 70 suites, opened in 1862 and has operated under the InterContinental brand since 1982.
IHG (InterContinental Hotels Group) will retain a 30-year management contract on the hotel which could lengthen to 60 years under the terms of the cash deal, it said in a statement. The owner of the InterContinental hotels brand will additionally receive €4.0 million a year for continuing to manage Le Grand, IHG said in a statement.
IHG chief executive Richard Solomons said the sale of the “iconic hotel” follows Constellation’s recent purchase of InterContinental London Park Lane and its majority investment in InterContinental New York Barclay.
Constellation Group acquired last year in France: the Martinez Hotel in Cannes, Palais de la Mediterranée in Nice, Concorde Lafayette and Hotel du Louvre – all managed under various Hyatt Hotels Corporation brands.