The InterContinental hotel group sold the Grand Hotel in Paris for 330 million-euro ($405 million) cash. The property now belongs to the holding Constellation Hotels, which is part of the Qatari investment fund. InterContinental group thus continues its disinvestment policy, preferring to focus on the operation / management of hotels, as in the case of the Grand Hotel.
The group will continue to manage the hotel for the next 30 years, with the right to extend the contract. The sale agreement dated back to August, but it was announced just this week after a period of consultation with employees.
The deal is expected to complete by the end of the first quarter of 2015. Within, Constellation also promised to invest 60 million euros to renovate the property. InterContinental held Grand Hotel since 1982, but the Hotel itself has been around since 1862. It has 470 rooms and 70 suites in the center of Paris.
Photo by MsAnthea