IHG announces the completion of the sale of InterContinental Paris – Le Grand (France)
InterContinental Hotels Group PLC announces the completion of the sale of InterContinental Paris – Le Grand. |
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IHG announces the completion of the sale of InterContinental Paris – Le Grand (France)
InterContinental Hotels Group PLC announces the completion of the sale of InterContinental Paris – Le Grand. |
Category: Europe - France - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2015-05-21
Following receipt of relevant regulatory approvals, InterContinental Hotels Group PLC (IHG) [LON:IHG, NYSE:IHG (ADRs)] announces the completion of the sale of InterContinental Paris – Le Grand to Constellation Hotels France Grand SA, an affiliate of Constellation Hotels Holding Limited. The terms of the transaction are unchanged from those announced on 7 August 2014.
Gross disposal proceeds of €330 million ($368m*) have been received in cash and the proceeds will be used for general corporate purposes. IHG will continue to manage the hotel under a long-term management contract.
About IHG (InterContinental Hotels Group) IHG (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organisation with a broad portfolio of hotel brands, including InterContinental Hotels & Resorts, Kimpton Hotels & Restaurants, HUALUXE Hotels and Resorts, Crowne Plaza Hotels & Resorts, Hotel Indigo, EVEN Hotels, Holiday Inn Hotels & Resorts, Holiday Inn Express, Staybridge Suites and Candlewood Suites.
IHG manages IHG Rewards Club, the world’s first and largest hotel loyalty programme with nearly 86 million members worldwide. The programme was relaunched in July 2013, offering enhanced benefits for members including free internet across all hotels, globally.
IHG franchises, leases, manages or owns more than 4,900 hotels and 720,000 guest rooms in nearly 100 countries, with more than 1,200 hotels in its development pipeline. Over 350,000 people work across IHG’s hotels and corporate offices worldwide.
InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales.
Visit www.ihg.com for hotel information and reservations and www.ihgrewardsclub.com for more on IHG Rewards Club.
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