December 8, 2014 / 7:23 AM / in 3 years

IHG agrees to sell Paris-Le Grand to Constellation

LONDON (Reuters) - InterContinental Hotels Group (IHG.L), one of the world’s largest hoteliers, said on Monday it had agreed to sell its Paris-Le Grand hotel for 330 million euros ($405 million) to Constellation Hotels.

A woman stands near an illuminated sign for InterContinental Hotels Group's (IHG) new hotel brand called Hualuxe Hotels and Resorts, during its official launch inside the Forbidden City in Beijing March 19, 2012. REUTERS/David Gray

IHG said it had accepted the offer from Constellation, which was announced in August, following a period of consultation with employees. The deal is expected to complete by the end of the first quarter of 2015, with the proceeds going toward general corporate purchases.

Reporting by Kate Holton; editing by James Davey

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