Constellation Pays IHG $457M For Luxe London Hotel

Law360, New York (March 29, 2013, 4:16 PM EDT) -- British hospitality giant InterContinental Hotels Group PLC has sold a luxury London hotel to a unit of Middle Eastern private-equity backed investor group Constellation Hotels Holding Ltd. for £301.5 million ($457 million), bagging a hefty profit on the hotel’s book value, IHG announced Thursday.

Per the deal with Constellation Hotel (Opco) UK SA, IHG will see a pretax profit of about $150 million on the sale of the InterContinental London Park Lane — a property that on IHG’s books was valued at $302 million, according to...
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