Discussions on the sale of AccorHotels’ property division have reached “their final stages” according to a statement in the company’s full-year results.
As revealed by EG last May, the company is looking to divest a majority stake in its €6.6bn (£5.8bn) property company HotelInvest, which owns 960 hotels across 22 countries. The majority are in Europe but the portfolio also contains holdings in the Americas, the Middle East, Africa and Asia Pacific.
It is expected to sell around 60% of the company to GIC, Saudi PIF, Colony NorthStar, Amundi as well as Predica, which is part of Credit Agricole.
During 2017 the wider Accor business reported a revenue rise of 17.7% to €1.9bn and an EBIT rise of 23.9% to €492m.
Sébastien Bazin, chairman and chief executive, said: “The group continues to benefit from positive market trends with an increase in volumes. Against this backdrop, AccorHotels continues to pursue its trajectory, consolidate its market share and enrich its range of services for customers and partners.”
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