InterContinental Hotels Group (IHG) has received a binding offer of EUR300 million (US$442m) for the InterContinental Paris – Le Grande.
The hotel has been acquired by Qatar-based Constellation Hotels Holding Limited, which has plans to plug EUR60 million into the hotel for renovations.
Under the deal IHG will continue to manage the hotel under the current brand name for another 30 years, with rights to extend another 10 years.
Constellation also recently purchased IHG’s InterContinental London Park Lane and New York Barclay from the hotel group.
Richard Solomons, chief executive of IHG said: “The InterContinental Paris – Le Grand is an exceptional property and is an iconic hotel in our portfolio. This announcement demonstrates the continued successful implementation of our asset-light strategy and the strength of our relationship with Constellation, following its recent purchase of InterContinental London Park Lane and its majority investment in InterContinental New York Barclay.”
The Parisian hotel has 470 rooms including 70 suites and first opened in 1862, with IHG coming onboard in 1982.