Not just after the slums: Qatar acquires Parisian luxury hotel for $405 billion

Constellation Hotels, part of the Qatar Holding investment vehicle, has reached an agreement with InterContinental Hotels Group to buy its iconic InterContinental Paris Le Grand hotel for €330 million ($405 million).

IHG said it had accepted the offer from Constellation, which was announced in August, following a period of consultation with employees.

The deal is expected to complete by the end of the first quarter of 2015, with the proceeds going toward general corporate purchases.

As per the deal, Constellation will also pump in an additional €60 million ($73.6 million) for renovating 400 rooms and 70 suites at the luxury property.