PARIS (Reuters) - French private equity company Eurazeo (PA:EURA) said on Tuesday it was selling its remaining 4.20 percent stake in AccorHotels (PA:ACCP) to institutional investors.
The sale through an accelerated book building will be managed by Goldman Sachs (NYSE:GS) International acting as bookrunner, it said.
Based on the AccorHotels' closing price of 45.64 euros on March 6, the 12,185,303 shares were worth 556 million euros ($689.00 million).
In 2008, Eurazeo and Colony Capital had built up a 30 per cent stake in the French hotel group. They have been reducing their holdings in recent years and in February 2017m Colony Capital exited the capital of Accordhotels, selling its remaining 4.9 percent stake.
Europe's largest hotel group has seen some big changes in its shareholder base in recent years with investors from China, Saudi Arabia and Qatar now holding a combined 29 percent stake.
AccorHotels, with over 4,000 hotels ranging from the luxury Sofitel to the budget Ibis, reported record 2017 earnings last month, reaping the fruits of a restructuring started by Chief Executive Sebastien Bazin.
($1 = 0.8070 euros)