Buyout groups to cut Accor stake
Private equity firms Eurazeo and Colony Capital said they would sell a near 10 per cent stake in Accor, almost halving their long-term investment in the French hotel group.
The firms said they planned to sell 22.5m Accor shares in a private placement in a move that would significantly increase the hotel group’s free float.
The decision will approximately halve their investments in Europe’s largest hotel group by number of rooms, winding down a position they have held for about a decade.
Before Tuesday night’s announcement they held a combined 21 per cent in Accor.
In 2013, Accor’s board appointed Sébastien Bazin, until then the European head of California-based Colony Capital, as chairman and chief executive. Since then, Accor shares have rallied, hitting a seven-year high this month.