Deals
InterContinental Gets $442 Million Bid for Le Grand Hotel Paris
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InterContinental Hotels Group Plc, Europe’s second-largest publicly traded hotel operator, received a 330 million-euro ($442-million) cash offer from Constellation Hotels Holding Ltd. for its Le Grand hotel in Paris.
Constellation also offered to invest 60 million euros to renovate the property over an unspecified period, Denham, England-based InterContinental said in a statement today. InterContinental would retain a 30-year contract to manage the hotel with the right to three 10-year extensions. The company said it agreed to exclusive talks with Constellation and would now consult with employee representatives in accordance with French law.