Accor in exclusive talks with consortium comprising Amundi, Colony NorthStar, GIC and Public Investment Fund over potential sale of HotelInvest - report
Accor [EPA:AC], a French hotel operator, is in exclusive talks with a bid consortium about selling a majority stake in its HotelInvest arm, The Irish Independent reported on Friday (5 May). The newspaper cited a Bloomberg report which in turn cited a report in the trade journal Estates Gazette for the information.
The consortium is comprised of the French asset management firm Amundi, the Singapore government investment agency GIC, the real estate investment firm Colony Northstar and Public Investment Fund (PIF) of Saudi Arabia, the item said.
It is expected that the consortium will buy a stake of around 80% in HotelInvest within the next two months, the item added. The newspaper mentioned an overall valuation of EUR 6.6bn (USD 7.25bn) for HotelInvest, Accor’s real estate arm.
Spokespersons for Accor, Amundi and Colony NorthStar did not reply immediately when asked for comment, while PIF could not comment immediately, according to the report.