Deals
InterContinental Accepts $405 Million Bid for Le Grand in Paris
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InterContinental Hotels Group Plc, Europe’s second-largest publicly traded hotel operator, accepted a 330 million-euro ($405 million) cash offer from Constellation Hotels Holding Ltd. for Le Grand hotel in Paris.
The terms are the same that Constellation offered in August, when the company also promised to invest 60 million euros to renovate the property, Denham, England-based InterContinental said in a statement today. InterContinental will retain a 30-year contract to manage the hotel with the right to three 10-year extensions, InterContinental said in August.