IHG Completes Sale of InterContinental Paris - Le Grand for $368 Million
Paris, France. - May 21, 2015. Following receipt of relevant regulatory approvals, InterContinental Hotels Group PLC (IHG) [LON:IHG, NYSE:IHG (ADRs)] announces the completion of the sale of InterContinental Paris - Le Grand to Constellation Hotels France Grand SA, an affiliate of Constellation Hotels Holding Limited. The terms of the transaction are unchanged from those announced on 7 August 2014.
Gross disposal proceeds of €330 million ($368m*) have been received in cash and the proceeds will be used for general corporate purposes. IHG will continue to manage the hotel under a long-term management contract.
**$ equivalents have been converted at current exchange rates*
About IHG (InterContinental Hotels Group)
IHG (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organisation with a broad portfolio of hotel brands, including InterContinental® Hotels & Resorts, Kimpton Hotels & Restaurants, HUALUXE® Hotels and Resorts, Crowne Plaza® Hotels & Resorts, Hotel Indigo®, EVEN™ Hotels, Holiday Inn® Hotels & Resorts, Holiday Inn Express®, Staybridge Suites® and Candlewood Suites®. IHG manages IHG® Rewards Club, the world's first and largest hotel loyalty programme with nearly 86 million members worldwide. The programme was relaunched in July 2013, offering enhanced benefits for members including free internet across all hotels, globally. IHG franchises, leases, manages or owns more than 4,900 hotels and 720,000 guest rooms in nearly 100 countries, with more than 1,200 hotels in its development pipeline. Over 350,000 people work across IHG's hotels and corporate offices worldwide. InterContinental Hotels Group PLC is the Group's holding company and is incorporated in Great Britain and registered in England and Wales. Visit www.ihg.com for hotel information
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