UK-based InterContinental Hotels Group PLC (IHG) has sold their last European asset, the 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 a major renovation of the hotel as part of its long term management agreement.

The stunning 470-room InterContinental Paris - Le Grand, located in the heart of the city, overlooks the Opera Garnier. The 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 is a landmark deal for IHG which sees them not only sell their 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.'



Mark Wynne Smith, Global CEO of JLL's Hotels & Hospitality Group added:'We value our relationship with clients and investors and throughout the years have earned their trust at the highest decision making level. We know this buyer extremely well and understand their strategic requirements. Strategic partnerships like this help us reach our aspirations of delivering truly global investment strategies that deliver maximum value for our clients.'

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