IHG Sells London Park Lane to Constellation Hotels for $460M
Baku, April 6 (AZERTAC). The InterContinental Hotels Group (IHG) sold the luxurious, 447-room InterContinental London Park Lane to an affiliate of Constellation Hotels last week for about $460 million, building upon a fire sale that's been going on for the past decade. Since 2003, IHG has sold 191 hotels, at a rate of about 19 hotels a year, for a $6.1 billion profit.
They made a pretty penny on the Park Lane property, too, flipping it for 62% more than its December 2012 book value, by selling it to a Middle Eastern private investment group, and continuing a trend of Middle Eastern investment in London.
Recently, Qatar purchased Harrods department store and helped to finance the construction of the Shard skyscraper.
IHG says the profits will be used for "general corporate purposes," which we figure will include champagne parties, backstage passes, and pillow fights involving supermodels. Seriously though, we see big numbers thrown around all the time, so we're always more focused on the practical questions, like, will anything change as far as the consumer is concerned?
It doesn't seem like it. While IHG ditched their ownership of the property, they signed a 30-year management contract, so it appears we can expect more of the same royal treatment we've come to know from the Park Lane.
At this time rates will continue to begin at $269 for a Classic room.
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