Accor moves to offload company hotels division

[markis10]

HM are reporting Accor have made a move to offload their company owned hotels to venture capitalists as they join a grow number of chains with a franchise only model in the future.

In a move to “simplify and strengthen” its business model, Accor has signed a definitive binding agreement to sell its stake in Essendi to a consortium of Blackstone and Colony IM for up to €975 million.

The approximate 30.7% sale of its stake in Essendi (formerly AccorInvest) on July 23 is in line with an earlier announcement made in April.

The terms of the agreed sale include the disposal of Accor’s entire stake to a consortium comprised of Blackstone and Colony IM for a consideration of up to approximately €975 million, including around €675 million to be received upon closing of the transaction and an earn-out of up to 300 million euros.

Read more: Accor sells 30.7% stake in Essendi - Hotel Management