French hotel group Accor has completed the sale of an 85.8% stake in Orbis to AccorInvest for just over €1bn (£880m).
The deal comes just a few days after selling its Mövenpick Hotels’ lease portfolio, which had a €430m positive impact on its net debt.
Accor said the sale strengthened its “agility and financial position” in a time of global uncertainty.
The group said the spread of coronavirus was having an impact on trading, but that its rapid acceleration made it difficult to fully assess the financial impact on the business. However, it said it had seen a €20m impact on EBITDA as a result of Covid-19 in the first two months of 2020.
Sébastien Bazin, chairman and chief executive, said: “I have no doubt, capitalising on our extraordinary, talented and experienced team members, our strong brand powerhouse and our global market leadership positions, we will weather the storm possibly stronger than ever.”
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