(MENAFN) InterContinental Hotels Group is making a deal to sell the top Paris hotel flagship (Le Grand hotel) in to Qatari-backed investor Constellation Hotels for 330 million, 440 mUSD; it said on Thursday, aiming to raise the prospect of more cash returns for investors, according to Arabian Business.
According to The world's largest hotelier statement : it had received a binding offer for the historic InterContinental Paris, where notable visitors of the past included Russia's last Tsar Nicholas II and British king Edward VII, in a deal that will see IHG manage the hotel for up to 60 years.
The sale, which is expected to complete by the forthcoming year, continues IHG's strategy of selling on its hotels and then managing them under contract. The approach has seen the group return some 10 billion USD to shareholders since 2003, including a 750 million USD special dividend in May.
Per the Analyst, the sale of the Paris hotel as well as its InterContinental in Hong Kong might help bring another 1.5 USD billion of cash returns to shareholders through the upcoming three years.
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