IHG to sell Le Grand Paris to Qatari Constellation Hotels
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IHG to sell Le Grand Paris to Qatari Constellation Hotels

IHG to sell Le Grand Paris to Qatari Constellation Hotels

InterContinental Hotels Group is set to sell its flagship Le Grand hotel in Paris to Qatari-backed investor Constellation Hotels for EUR 330m ($440m), it said on Thursday, raising the prospect of more cash returns for investors, Reuters has reported. The world's largest hotelier said it had received a binding offer for the historic InterContinental Paris, where notable visitors of the past included Russia's last Tsar Nicholas II and British king Edward VII, in a deal that will see IHG manage the hotel for up to 60 years. The sale, which is not expected to complete until next year, continues IHG's strategy of selling on its hotels and then managing them under contract. The approach has seen the group return some $10bn to shareholders since 2003, including a $750m special dividend in May.
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