Accor sells 60% stake of Formule1

Accor has recently sold a 60 per cent stake in 15 whollyowned Formule1 hotel projects in India to a private equity firm – SAMHI for an undisclosed amount. The economy brand Formule1, which has two operational hotels in India, will see the changed approach of the group as it now follows the ‘assetlight’ strategy. Following the deal, Accor will maintain a 40 per cent stake in hotels and will continue to operate them under long-term operating agreements in India. Currently, Accor has 15 owned and leased developments under the Formule1 brand of hotels in India. Of these, the first two hotels have opened in Greater Noida and Ahmedabad with a further hotel opening scheduled in Pune’s Hinjewadi by this year end.