IHG Announces Acceptance of Offer for InterContinental Paris - Le Grand for €330m
InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] today announces that it 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 ($406 million1). The terms of the transaction are unchanged from those announced on 7 August 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 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.
IHG (InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organisation with a broad portfolio of nine hotel brands, including InterContinental® Hotels & Resorts, Hotel Indigo®, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels & Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites®, EVEN™ Hotels and HUALUXE® Hotels and Resorts.
IHG manages IHG® Rewards Club, the world’s first and largest hotel loyalty programme with over 82 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 over 4,700 hotels and 697,000 guest rooms in nearly 100 countries, with almost 1,200 hotels in its development pipeline.
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 and reservations and www.ihgrewardsclub.com for more on IHG Rewards Club. For our latest news, visit: www.ihg.com/media, www.twitter.com/ihg, www.facebook.com/ihg or www.youtube.com/ihgplc.1 $ equivalents have been converted at current exchange rates with final $ amounts dependent on the exchange rate on the date of completion
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