ACCORHOTELS SELLING UNIT FOR $5.3 BN

Paris- based AccorHotels is selling 55 per cent of its AccorInvest property business for $ 5.3 billion to a group of sovereign and institutional investors, including Saudia Arabia’s PIF and Singapore’s GIC sovereign funds, as well as Credit Agricole Assurances, Colony NorthStar and Amundi. The stake sale will help accelerate growth and fight the rising competition.