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UK-based InterContinental Hotels Group PLC (IHG) has sold its last European asset, the 470-room InterContinental Paris - Le Grand to Qatar-based investor Constellation Hotels Holding Limited (Constellation) on a sale and manage-back agreement. JLL's Hotels & Hospitality Group acted as the advisor for InterContinental Hotels Group PLC.
In addition to the €330 million sale price, the buyer committed to invest in a major renovation of the hotel as part of its long term management agreement.
Saade, Vice President of JLL’s
Hotels & Hospitality Group in London commented: "This is a landmark deal for IHG which sees them not only sell its last asset in Europe, but also marks the largest hotel deal in Paris this year. The close relationship we have with both parties and our knowledge of the requirements on both sides of the deal was essential in helping us to complete the sale."
Notes to Editors:
See JLL's Hotel Investment Outlook 2015 report to read more about 2015 global hotel trends and view our Hotel Intelligence Hub for our latest market intelligence.
For more on Q1 2015 global hotel investment highlights, view our latest video here.
EMEA PR Executive
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