Accor to offload partial stake in China's Huazhu Group
12/06/2019|10:33:24 AM|HM

Paris-based Accor has entered into a definitive agreement to sell an approximately 5 percent stake in Shanghai-based hotel operator and franchisor Huazhu Group Ltd. for $451 million. 

Accor will keep an estimated 5 percent stake in Huazhu and Chairman/CEO Sebastien Bazin will remain on Huazhu's board of directors.

This transaction, which was conducted in full cooperation with Huazhu and its founder/chairman Qi Ji, is expected to help Accor “crystallize the value created from the implementation of the partnership between both groups in January 2016,” a statement from Accor claimed.

Read Original Article