Accor has announced an agreement to sell a 5% stake in Huazhu Group Limited for a total of 451 million dollars (408 million euros). The French group will maintain another 5% more than it owned in the Chinese hotel company and its CEO, Sébastien Bazin, will continue to be part of the Board of Directors.
The relationship between the two chains began in 2014 as a cooperation agreement that became a shareholding exchange in 2016.
During the period, the value of Accor’s initial investment in Huazhu has increased 4.5 times, the hotel chain said in a statement.
Accor sells 5% of its stake in Huazhu Group for 408 million euros
Accor and Huazhu will continue to develop their association and growth dynamics started four years ago, which has allowed the opening of 200 economic and medium-sized hotels in China, mainly under the ibis, Novotel and Mercure brands. An additional 250 properties are expected to open during the next three years.