Accor Sells a 1.5% Stake in Huazhu for EUR239 Million
February 19 2021 - 2:49AM
Dow Jones News
By Olivia Bugault
Accor SA said Friday that it has completed the sale of a 1.5%
stake in Huazhu Group Ltd., a hotel operator in China, for 239
million euros ($289.1 million).
After this disposal, the French hospitality group owns a 3.3%
stake in Huazhu and will still be represented at its board of
directors, it said.
"This transaction allows Accor to crystallize further value
creation of the initial investment while simplifying its balance
sheet," the company said.
The collaboration between Accor and Huazhu started in 2016 and
saw the openings of 300 economy and midscale hotels in China, while
more than 200 properties should open in the next three years, Accor
said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
February 19, 2021 02:34 ET (07:34 GMT)
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