Multiple outlets are reporting that InterContinental Hotels Group has received a $442-million cash offer from Constellation Hotels Holding Ltd. for its Le Grand hotel in Paris. An offer it will reportedly take. Constellation was also the buyer of the InterContinental London Park Lane and made a majority investment in the InterContinental New York Barclay.
Constellation also offered to invest 60 million euros to renovate the property over an unspecified period, IHG said in a statement today. InterContinental would remain the operator post-sale.
“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,” CEO Richard Solomons said in the statement.
Le Grand, located in central Paris overlooking the Opera House, has 470 guestrooms and opened in 1862. It has been operated under the InterContinental brand since 1982.
News of the sale comes on the heels of reports regarding a the sale of IHG to a U.S.-based hotel operator, which HM covered in full yesterday.