InterContinental Hotels Group today accepted a €330 million offer for the InterContinental Paris – Le Grand hotel.

The historic 470-room property is being acquired by Constellation Hotels France Grand, an affiliate of Constellation Hotels Holding.

IHG said the acceptance of the offer follows the conclusion of a consultation period with hotel employees’ representatives, and the completion of legal documentation.

The transaction for the hotel, which first opened in 1862, is expected to complete by the end of the first quarter of 2015.

The proceeds will be used for general corporate purposes, IHG said.