55pc of AccorInvest to be sold
France, Paris – 28 February 2018 –
French hotel group AccorHotels has agreed to sell 55 percent of its AccorInvest property business to a group of sovereign and institutional investors for 4.4 billion euros (US$5.3 billion).
The company announced plans to sell the majority holding to investors including Saudi Arabia’s PIF and Singapore’s GIC sovereign funds, as well as Credit Agricole Assurances , Colony NorthStar and Amundi, Reuters reported.
Paris-based AccorHotels, which has more than 4,000 hotels ranging from luxury Sofitels to the budget Ibis brand, has said the stake sale will give it greater financial leeway to accelerate growth and fight the rising challenges from companies such as Airbnb and online travel agents.