Qataris to buy historic Parisian hotel in $440m deal
Le Grand deal
Constellation Hotels will buy the historic Le Grand hotel for $440 million – over the years the iconic destination has enjoyed many VIP visitors including Russia's last Tsar Nicholas II and British King Edward VII. The deal will see IHG continue to manage the hotel for up to sixty years.
The sale is not expected to complete until at least next year and furthers IHG's strategy of selling its hotels and then managing them under contract. The shrewd method has seen the group return around $10 billion to shareholders since 2003, including a $750 million special dividend in May.
The Qatari-owned Constellation will spend around 60 million euros on renovations for Le Grand Hotel. The group also recently purchased IHG's London Park Lane InterContinental and a 80 percent stake in its Barclay hotel in New York last year.