QATAR GROUP TO ACQUIRE PARIS HOTEL
InterContinental Hotels Group (IHG) has agreed to sell the Le Grand Hotel to the Qatari group Constellation Hotels Holding Limited for € 330 million (QR1.56 billion).
The hotel currently has 470 guest rooms, including 70 suites. Constellation plans to renovate Le Grand at an estimated cost of €60 million (QR283.16 million). The hotel is located on the Rue Scribe in Paris's 9th arrondissement (district) and overlooks the Palais Garnier, which houses the Paris Opera. Le Grand was built by the wealthy Pereire brothers. Construction began in April 1861 and it was opened a year later.
The imposing property was part of Baron Haussmann's massive reconstruction programme that transformed the face of Paris. It was constructed in the classic Haussmannian style, with wrought iron balconies and a mansard roof with attic rooms lit by dormer windows.
Le Grand has been part of the IHG brand since 1982. IHG will continue to manage the hotel under a 30-year contract. Constellation also recently purchased the InterContinental London Park Lane and the InterContinental New York Barclay hotels.