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| Friday, 3 March 2023, 09:18 HKT/SGT | |
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HONG KONG, Mar 3, 2023 - (ACN Newswire) - H World Group recently announced that it completed the disposal of its 3.7% stake in Accor. The proceeds of this transaction will be redeployed for the development of the Group's core business. After this transaction, H World Group no longer owns any stake in Accor, but both sides will continue to develop their successful partnership.
As world-renowned hotel groups, H World Group and Accor established strategic partnership with cross shareholding in 2016. Under the agreement, H World Group has the master franchisee rights for Mercure, Ibis and Ibis Styles, as well as co-development rights for Grand Mercure and Novotel in the Greater China Region. By the end of 2022, H World Group operates 468 hotels in China under this agreement, with 143 properties in the pipeline scheduled to open over the next few years. Accor remains a key partner of H World Group in China as both sides push forth their efforts to expand and innovate in the hospitality industry.
H World Group is a key player in the global hotel industry, operating multiple hotel and apartment brands with coverage from luxury to economy markets. H World's brands include Hi Inn, HanTing Hotel, JI Hotel, Starway Hotel, Orange Hotel, Crystal Orange Hotel, Manxin Hotel, Madison Hotel, Joya Hotel, Blossom House, Ni Hao Hotel, CitiGO Hotel, Steigenberger Hotels & Resorts, MAXX, Jaz in the City, IntercityHotel, Zleep Hotels, Steigenberger Icon and Song Hotels.
Topic: Press release summary
Sectors: Hospitality
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From the Asia Corporate News Network
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