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London & Paris, 08 August 2014 - InterContinental Hotels Group PLC has received a binding offer from Qatar-based investor Constellation Hotels Holding Limited to purchase one of Paris' finest real estate assets, the InterContinental Paris – Le Grand for €330million with a further commitment to invest over time an estimated €60 million in future hotel renovations.
If completed, this transaction would represent one of the largest single hotel deals in France. JLL's Hotels & Hospitality Group acted as the advisor for InterContinental Hotels Group PLC.
The stunning 470-room InterContinental Paris – Le Grand is located in the heart of the city and overlooks the Opera House. The proposed sale represents a rare opportunity in a market with high barriers to entry due to lack of supply and huge demand for trophy assets.
Patrick Saade, Vice President of JLL's Hotels & Hospitality Group in London commented: "This proposed transaction confirms the increasing interest from international capital for assets in Paris as it follows other trophy hotels that JLL's Hotels & Hospitality Group has advised on in the city underpinning JLL's expertise in selling unique properties."
Mark Wynne-Smith, Global CEO of JLL's Hotels & Hospitality Group added: "It is an exciting time to be a part of the hotel industry. In our Hotel Investment Outlook 2014 report, we predicted that 2014 will see EMEA transaction volumes grow by more than 20%. This activity is evident in Paris where we have already experienced huge success in 2014. This landmark deal is yet another demonstration of the cross-border expertise our global platform can provide. Our proven track record for completing flagship deals saw us ranked the number one hotels broker in the world by RCA for 2013 and deals like this help us to reach our aspirations of delivering truly global investment strategies that deliver maximum value for our clients."
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Notes to Editors:
See JLL's Hotel Investment Outlook 2014 report and our latest Hotel Investor Sentiment Survey for more insight into the EMEA hotel sector.
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