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AccorHotels announced that it has completed the sale of 57.8% of the capital of AccorInvest to sovereign wealth funds Public Investment Fund (PIF) and GIC, institutional investors Colony NorthStar, Crédit Agricole Assurances and Amundi, and other private investors. For AccorHotels, the transaction results in a gross cash contribution of €4.6 billion, which is slightly more than the €4.4 billion announced in February and in line with the higher percentage of capital finally sold. AccorHotels will therefore hold 42.2% of the capital of AccorInvest, which will no longer be included in the Group's consolidated financial statements as of June 1, 2018. As part of the transaction, AccorHotels and AccorInvest will maintain their close, long-standing relationship through very-long-term partnership agreements. AccorHotels has completed its acquisition of Mantra Group, the largest Australian based hotel and resort operator, for AU$1.2 billion. The deal includes the Mantra, Peppers, BreakFree and Art Series brands, representing 138 hotels in Australia, New Zealand, Hawaii and Bali (Indonesia). This brings AccorHotels’ current hotel inventory to over 330 hotels and resorts across Australia and over 900 throughout Asia Pacific. The acquisition makes the French hotel group the largest employer on the Gold Coast, outside of government, as well as one of the biggest players in Australia’s hotel sector. Mantra Group will continue to operate from its Queensland base with its leadership team on the Gold Coast reporting to AccorHotels Pacific COO Simon McGrath. Michael Issenberg, chairman and CEO of AccorHotels Asia Pacific, referred to the deal as “a signal of our confidence in Australia both as an attractive destination for global travellers but also as a feeder market for our Asia Pacific and wider network.” McGrath noted that “innovative growth” was a hallmark of both AccorHotels and the Mantra Group. “Our innovation in economic business models, brands and customer initiatives has fuelled our growth over the last 27 years, and the Mantra Group has built an innovative business focused on the best partnership experience for its 10,000 strata title owners.” Read Original Article |
