Hotels group Accor sells 1.5% stake in Huazhu Group for 239 mln euros (updated)

H World

19/02/2021 07:37

PARIS, Feb 19 (Reuters) - French hotels group Accor
 ACCP.PA  has completed the sale of a 1.5% stake in Huazhu Group
Limited  1179.HK  for 239 million euros ($289 million).
    Accor will own a 3.3% stake in Huazhu following the sale, it
said on Friday, and the two companies will continue to develop
hotels in China.
    Accor, whose brands include Sofitel and Ibis hotels, has
been examining asset sales to strengthen its balance sheet as
the industry reels from the effects of the COVID-19 crisis,
which has resulted in the closure of hotels around the world.
    Last month, Accor's real estate arm AccorInvest received a
500 million euro state loan to help it cope with the impact of
the pandemic.  urn:newsml:reuters.com:*:nL1N2K10GN
    ($1 = 0.8271 euros)

 (Reporting by Sudip Kar-Gupta; editing by Jason Neely)
 ((sudip.kargupta@thomsonreuters.com; +33 1 49 49 53 84;))