| French hotel group Accor SA (AC.FR) Monday said it agreed to sell its 19.4% stake in Australian hotel owner Tourism Asset Holdings Ltd., or TAHL, to Abu Dhabi's sovereign fund as part of its strategy to sell real-estate assets to become a hotel brand operator.
Abu Dhabi Investment Authority will pay 66 million Australian dollars (US$62.6 million) and assume debts worth A$76 million, the French company said. TAHL owns 31 hotels in Australia, all operated by Accor under its different brands -- Ibis, Mercure, Novotel and Pullman. The contracts with Accor will be maintained after the cession...............................................Full Article: Source
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