QATAR GROUP TO AC­QUIRE PARIS HO­TEL

Qatar Today - - BUSINESS -

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.

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