AccorHotels has announced the completion of the sale of 57.8 percent of its capital of AccorInvest. This sale is to sovereign wealth funds Public Investment Fund (PIF) and GIF) institutional investors Colony NorthStar, Amundi, Credit Agricole Assurances, and other private investors, too.
For AccorHotels, this transaction has resulted in a gross cash contribution of €4.6 billion. This number is actually slightly more than the €4.4 billion that the company announced in February, and it is also in line with the higher percentage of capital that was finally sold.
As a result, AccorHotels moving forward will hold 42.2 percent of the capital of AccorInvest, which will then no longer be included in the group’s consolidated financial statements. This is the case as of June 1. Also, as part of the transaction AccorHotels and AccorInvest will continue to maintain their long-standing and close relationship through the course of pre-existing very-long-term partnership agreements.
What AccorHotels Leadership Says
AccorHotels leaders have issued statements about the deal.
Sébastien Bazin, Chairman and Chief Executive Officer of AccorHotels, had this to say, “By completing the sale of close to 58% of the capital of AccorInvest, we have successfully finalized 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.”
What AccorInvest Leadership Says
AccorInvest leadership has also weighed in. , Chief Executive Officer of AccorInvest, had this to say: “Today is the start of a new chapter for AccorInvest. With greater resources and fully engaged teams, we are now going to speed up the consolidation of our portfolio, the renovation and repositioning of our assets, and the development of new projects. 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.”
Accor Construction Statistics
You can check all projects by testing TOPHOTELPROJECTS database.
Let’s take a look at a few other projects currently underway by Accor Hotels: