InterContinental offloads another

InterContinental offloads another
By admin


In line with its recent trading trends, InterContinental Hotels Group has accepted an offer from Constellation Hotels Holding of A$489 million (330 million euros) for its Le Grand Paris property.

The company will retain management of the hotel under a 30-year contract, according to Bloomberg reports, and has a right to three 10-year extensions.

Under the agreement, Constellation has also agreed to invest 60 million euros to renovate the 470-room property, which is situated in central Paris and held the InterContinental brand since 1982.

The move is in line with InterContinental’s recent sales to divest properties globally in a bid to focus on operating hotels instead.

The group finalised a sale of its San Francisco property and an 80% stake in the New York Barclay in recent months.

The group said the Le Grand sale is expected to be complete by the end of the first quarter of 2015.

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