The post Accor to sell a 1.5% stake in Huazhu for EUR239 million appeared first on TD (Travel Daily Media) Travel Daily.
Accor announces that it completed the disposal of a 1.5% stake in Huazhu Group Limited (HTHT) for EUR239 million.
This transaction allows Accor to crystallize further value creation of the initial investment while simplifying its balance sheet. After this transaction, Accor owns a 3.3% stake in Huazhu and continues to be represented at the Group’s Board of Directors.
Accor and Huazhu will continue to develop their successful partnership and growth dynamic initiated in January 2016. The master-franchise agreement has enabled the openings of 300 economy and midscale hotels in China, mainly under the ibis, Novotel and Mercure brands. More than 200 properties in the pipeline are scheduled to open over the next 3 years.
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