Qatar’s Constellation Hotels acquires London property from IHG for USD457m

30 Mar 2013

(MENAFN) InterContinental Hotels Group (IHG) announced that it sold the InterContinental London Park Lane for USD457 million to a UK-based unit of Qatar’s Constellation Hotels Holding Limited, reported Arabian Business.

The company added that the property bought by Constellation Hotel (Opco) UK, was launched in 1975, and has been wholly owned by IHG since 1999.

It added that the deal is projected to complete during this year’s second quarter with the proceeds used for general corporate purposes.

It noted that it has secured a 30-year management deal on the hotel, with three 10-year extension rights at IHG’s discretion, meanwhile, annual management fees are forecasted to be nearly USD6 million.

It is worth noting that last year, the hotel’s revenues reached USD89 million.

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