It is official, the group announced the final completion of the sale of 57.8% of AccorInvest’s capital.
A few months ago, AccorHotels began selling a majority stake in AccorInvest.
This has now been achieved, with the group selling 57.8% of the capital of its AccorInvest real estate division to the following sovereign wealth funds: Public Investment Fund (PIF) and GIC, institutional investors Colony NorthStar, Crédit Agricole Assurances and Amundi, and private investors.
AccorHotels will therefore hold 42.2% of the capital of AccorInvest. However, the company had stated that in the long term it did not intend to "retain any residual stake in AccorInvest".
The operation provides gross liquidity of 4.6 billion euros ($5.38 billion).
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Sébastien Bazin, Chairman and Chief Executive Officer of AccorHotels, said that the transformation initiated by the group five years ago "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.”
Essentially "asset light", the company wishes to focus on its vision of "augmented hospitality", "ambitious and disruptive".