InterContinental Hotels Group has sold their last European asset, the InterContinental Paris - Le Grand to Qatar-based investor Constellation Hotels Holding Limited on a sale and manage-back agreement. JLL’s Hotels & Hospitality Group acted as the advisor for InterContinental Hotels Group PLC.
In addition to the €330 mln sale price, the buyer committed to a major renovation of the hotel as part of its long term management agreement.
The 470-room InterContinental Paris – Le Grand, located in the heart of the city, overlooks the Opera Garnier. The sale represents a rare opportunity in a market with high barriers to entry due to lack of supply and huge demand for trophy assets.