Tuesday, 22 May 2012 12:34
PARIS: French hotel giant Accor said Tuesday it had sold its US budget hotel division to the Blackstone investment fund for $1.9 billion and would use the funds to tap into growth in Asia.
"Accor announces it has signed an agreement today to sell its United States Economy Hotels Division to an affiliate of Blackstone Real Estate Partners VII, for a total value of $1.9 billion" (1.5 billion euros), it said in a statement.
The sale of 1,102 hotels with 107,347 rooms in the United States and Canada includes the Motel 6 chain and Studio 6, an extended-stay economy chain.
"I am delighted by the transaction signed with Blackstone, which ensures the future of Motel 6 and its teams in North America, where we will remain present with luxury and upscale flagships under the Sofitel and Novotel brands," said chairman and CEO Denis Hennequin.
"This deal will provide Accor with additional resources to address ...