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Paris-based Accor has entered into a definitive agreement to sell an approximately 5 percent stake in Shanghai-based hotel operator and franchisor Huazhu Group Ltd. for 1 million. Accor will keep an estimated 5 percent stake in Huazhu and Chairman/CEO Sebastien Bazin will remain on Huazhu's board of directors. This transaction, which was conducted in full cooperation with Huazhu and its founder/chairman Qi Ji, is expected to help Accor “crystallize the value created from the implementation of the partnership between both groups in January 2016,” a statement from Accor claimed. Read Original Article |
