IHG to sell 'iconic' Paris hotel
The InterContinental Paris - Le Grand is to be sold?for €330 million as InterContinental Hotels Group looks to reduce its ownership of hotels.
IHC will retain a 30-year management contract on the property, which has 470 rooms and suites.
The offer from Constellation Hotels includes a commitment to invest an estimated €60 million in future renovations.
The hotel, located in the heart of Paris overlooking the Opera House, generated revenues of $118 million and earnings of $22 million.
IHG?chief executive?Richard Solomons 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.
“This potential transaction is yet another example of the enduring appeal of InterContinental as one of the world's leading luxury