Accor has sold a 1.5% stake in Huazhu Group Limited, a multi-brand hotel management company in China, for €239 million.
Accor said, after this transaction, it owns a 3.3% stake in Huazhu and continues to be represented at the group’s board of directors.
”Accor and Huazhu will continue to develop their partnership and growth dynamic initiated in January 2016. The master-franchise agreement has enabled the openings of 300 economy and midscale hotels in China, mainly under the ibis, Novotel and Mercure brands,” said Accor in a statement.
The partnership plans to open more than 200 properties over the next three years.
Founded in 2005, Huazhu has been ranked as the 12th largest hotel group globally. As of June 30, 2020, the group currently owns and operates 6,187 hotels, including 758 leased and owned hotels and 5,429 manachised and franchised hotels, with an aggregate of 599,235 hotel rooms.