Accor further sells down stake in Huazhu Group | News

Share on facebook
Facebook
Share on whatsapp
WhatsApp
Share on pinterest
Pinterest
Share on twitter
Twitter
Share on linkedin
LinkedIn


Accor has sold a further a 1.5 per cent stake in Huazhu Group of China for €239 million as it continues to battle the fallout from the Covid-19 pandemic.

The French company said the transaction would reap the benefits of the initial investment, while also simplifying its balance sheet.

After this transaction, Accor will own a 3.3 per cent stake in Huazhu and continues to be represented on the board of directors.

Following a $451 million deal in December 2019, Accor was left with 5.5. per cent of the Nasdaq-listed multi-brand Chinese hotel company.

Accor and Huazhu will continue to develop a partnership, which was originally launched in early 2016.

A master-franchise agreement between the two has enabled the openings of 300 economy and mid-scale hotels in China, mainly under the ibis, Novotel and Mercure brands.

More than 200 properties in the pipeline are scheduled to open over the next three years.

Originated in China, Huazhu Group operated 6,789 hotels with 652,162 rooms at the end of December, with operation in 16 countries.

Brands under its control include Hi Inn, Elan Hotel, HanTing Hotel, JI Hotel, Starway Hotel, Orange Hotel, Crystal Orange Hotel, Manxin Hotel, Madison Hotel, Joya Hotel, Blossom House and Ni Hao Hotel.





Source link

Share on facebook
Facebook
Share on whatsapp
WhatsApp
Share on pinterest
Pinterest
Share on twitter
Twitter
Share on linkedin
LinkedIn

More to explorer

Object moved
Health
News Expert

Object moved

Product Name: Object moved Click here to get Object moved at discounted price while it’s still available… All orders are protected by SSL encryption –

READ FULL STORY

Leave a Reply

Your email address will not be published. Required fields are marked *