AccorHotels is entering discussions with potential investors to divest a majority stake in its HotelInvest division, the company announced this week.
The company said last year that it planned to turn its hotel ownership arm into a subsidiary to strengthen the company's financial position and allow HotelInvest to expand.
'By making it possible to bring in new investors for part of our business, this project will significantly increase the resources available to the group. Each business will be able to continue to grow within the group based on a valuation that reflects its specific business model and growth outlook,' Sébastien Bazin, chairman & CEO, commented in July.
The owner of the Mercure and Ibis chains has now disclosed the updated gross asset value of its HotelInvest owned and leased properties, excluding Orbis.
The valuation, which was conducted by third party experts (Jones Lang LaSalle, Cushman & Wakefield and BNP Paribas Real Estate) was €6.6 bn as of December 31st 2016, a slight increase on the €6.5bn expected year-end value disclosed on October 5th.
AccorHotels also confirmed its plan to close a transaction by early summer 2017.
