One of Paris’s landmark hotels, Le Grand, has been sold to Constellation by its British-based owners Intercontinental. Europe’s second-biggest listed hotel operator owns the Holiday Inn and Crowne Plaza brands but has been reducing its hotel ownership and pivoting towards hotel operation instead. In the past 10 years it has sold off some star property.
Intercontinental will thus continue to manage the hotel for 30 years, with three 10-year possible extensions beyond that. Constellation paid 330 million euros in cash for the 470-room building.