Deals
Accor Plans to Separate, Sell Majority of HotelInvest Unit
- Move comes after Accor completes purchase of Fairmont brands
- Assets have climbed more than 25% to $7.8 billion since 2013
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Accor SA, Europe’s biggest hotel operator, will separate its HotelInvest unit and plans to eventually sell a majority stake in the subsidiary to free up funds for the parent company to expand and improve existing lodgings.
“The project would enable HotelInvest to initiate a new phase of dynamic growth, by consolidating its existing asset portfolio through renovations, extensions and repositioning, expanding its network through acquisitions and hotel construction, and implementing an assertive asset turnover strategy,” Paris-based Accor said in a statement on Tuesday. HotelInvest will remain part of Accor.