27 Feb '18, 7pm
#Saudis, #Singapore check into @Accorhotels. #SaudiArabia #KSA #Business
Related Articles Alwaleed-backed AccorHotels closes in on property deal Nakheel and AccorHotels sign management deal for ibis hotel AccorHotels unveils first ibis Styles in Bahrain PARIS: AccorHotels announced Tuesday the sale of a 55 percent stake in the subsidiary that owns its hotels to a group of international investors including the sovereign wealth funds of Saudi Arabia and Singapore for 4.4 billion euros ($5.4 billion). The deal will give the French firm, which includes the Pullman, Raffles, Novotel and Mercure brands, resources to expand while it will continue to manage the properties under long-term contracts. “The entry of new shareholders and the deconsolidation of AccorInvest will provide AccorHotels with substantial leeway to enhance our dynamic growth and innovation strategy and create value for shareholders,” AccorHotels chief executive Sebastien Bazin said ...