InterContinental Paris Le Grand lobbyConstellation Hotels Holding, part of the Qatar Holding investment fund, has made a $442 million offer to buy the InterContinental Paris Le Grand, with plans to spend another $80 million upgrading the 152-year-old hotel.

Under terms of the offer, InterContinental Hotels Group (IHG) would continue to operate the 470-room hotel under a 30-year management contract. IHG has operated the hotel since 1982.

IHG said it has agreed to negotiate exclusively with Constellation Hotels for an undisclosed period of time.

Constellation Hotels’ properties in France include the Hyatt Regency Paris Etoile and the Grand Hyatt Cannes Hotel Martinez.

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