AccorHotels has completed the sale of more than half its capital in AccorInvest to a consortium of investors.
Sovereign wealth funds Public Investment Fund (PIF) and GIC, institutional investors Colony NorthStar, Crédit Agricole Assurances and Amundi, and other private investors have acquired a 57.8% stake in AccorInvest for a gross cash contribution of €4.6bn (£4bn), slightly higher than the €4.4bn (£3.7bn) announced in February.
Sébastien Bazin, chairman and chief executive of AccorHotels, said: “By completing the sale of close to 58% of the capital of AccorInvest, we have successfully finalised the transformation process begun five years ago.
“The deal enables us to further accelerate the development of AccorHotels by focusing our resources and energy on strengthening our brand portfolio and our leadership position in key markets, and on pursuing our strategy of delivering innovation and excellence to our guests and hotel owner partners.
“With our new, primarily asset-light structure, we will be able to deploy our ambitious and disruptive vision of ‘augmented hospitality’ to the full.”
John Ozinga, chief executive of AccorInvest, added: “Drawing on the strength of AccorHotels’ brands, we intend to cement our position as the leading hotel investor in Europe by enhancing the attractiveness and value of our hotel portfolio.”
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