ATLANTA—IHG has accepted the offer from Constellation Hotels France Grand SA, an affiliate of Constellation Hotels Holding Limited, to acquire InterContinental Paris – Le Grand for €330 million. (This equals $406 million at the current exchange rate. Final dollar amounts will be dependent on the exchange rate on the date of completion.)
The terms of the transaction are unchanged from those announced on Aug. 7, 2014.
IHG’s acceptance of the offer follows the conclusion of the information and consultation period with the relevant hotel employees’ representatives, and the execution of definitive legal documentation.
The transaction is expected to be complete by the end of the first quarter of 2015, subject to the satisfaction of certain standard conditions. The proceeds will be used for general corporate purposes.