H World Group has announced the completion of the disposal of its 3.7% stake in Accor. Despite the move, the two companies have reiterated their intention to continue their partnership in developing hotel operations in China.
H World Group has stated that the shares were sold for an undisclosed sum, which will be redeployed on the development of its core activities. The group no longer owns any stake in Accor.
The move follows Accor’s announcement in January 2023 that it had sold its remaining 3% stake in H World Group for $460 million as part of its "asset-light" strategy to simplify its balance sheet.
The two players established a strategic partnership in 2016, which saw H World Group obtain the master franchise rights for Mercure, Ibis, and Ibis Styles, as well as co-development rights for Grand Mercure and Novotel in the Greater China Region. Together they operate 468 hotels in China, with 143 establishments in the pipeline.