IHG accepts £261m offer for Le Grand building in Paris

8th Dec 2014 07:06

Global hotels operator Intercontinental Hotels Group (IHG) has accepted a €330m (£261m) offer for its Le Grand building in Paris.The company said it will use the proceeds for "general corporate purposes".As previously announced in August, Constellation Hotels France Grand, part of the Constellation Hotels Holding group, has offered to pay cash on completion for the InterContinental Paris - Le Grand.Le Grand is a central Parisian hotel overlooking the Opera House with 470 guest rooms.IHG will retain a 30-year management contract of the hotel, with 10-year extension rights at IHG's discretion, giving an expected contract length of 60 years."IHG's acceptance of the offer follows the conclusion of the information and consultation period with the relevant hotel employees' representatives, and the execution of definitive legal documentation," the company said on Monday.The transaction is expected to complete by the end of the first quarter of 2015 .