By Pietro Lombardi
French hotel group Accor has agreed to sell a 5% stake in hotel group Huazhu Group for $451 Million, it said Thursday.
The French company will keep a 5% stake in Huazhu, and Accor's Chief Executive Sebastien Bazin will remain on the board of Huazhu.
"Accor and Huazhu will continue to develop their successful partnership and growth dynamic initiated four years ago, which has enabled the openings of 200 economy and midscale hotels in China, mainly under the ibis, Novotel and Mercure brands," it said.
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