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Hotelier still plans to sell Groupe Lucien Barriere
Citing a lack of interest by investors, Accor has scrapped plans to sell its 49 percent stake in French casino operator Groupe Lucien Barrière via an initial public offering. However, Accor said it still plans to divest the casino unit as part of an overall corporate initiative to focus on its core hotel business, whose portfolio of brands includes Sofitel, Pullman, MGallery, Novotel, Suite Novotel, Mercure, Adagio, ibis, all seasons, Etap Hotel, hotelF1 and Motel 6.
In a statement, Accor said based on its “solid first-half results and the progress made on its 2010-2013 asset-disposal program, [the company] has the ability to pursue its expansion while retaining its stake in Groupe Lucien Barrière in order to benefit from the expected value creation.”
“Under these conditions, and given the quality of Groupe Lucien Barrière's assets and our confidence in the company's future, we feel that it is preferable for Accor shareholders to retain our stake,” said Gilles Pélisson, Accor's chairman and ceo. “In light of our sound financial structure, this will not have any impact on the pursuit of our objectives.”
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