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Accor will sell its stakes in Lucien Barriere Hotels

The rumors concerning the sale of Accor’s stake in famous chain of Lucien Barriere Hotels et Casinos finally got approved. The European hotelier has confirmed the deal with a France-based financial holding company Fimalac. The sum of the deal estimates 268 million of Euro.

The price of the transaction is the price indicated in the proposed IPO. Accor owns 49% of stake of Lucien Barriere Group. 34% of the stakes will be sold to Filmalac for 186 million of Euro while the remaining 15% will be bought by the original owner, Groupe Lucien Barriere. The sum of this agreement estimates 82 million of Euro. After the deal is concluded, these stakes will be cancelled and the capitalization of the company will be reduced.

After these manipulations Lucien Barriere Hotels will have 2 owners – the Desseigne-Barriere family (60% of stakes) and Fimalac (40% of stakes). Lucien Barriere Hotels are present in France, where the company has 14 properties. Also the firm has a hotel in Marrakech. The total number of guestrooms owned by Lucien Barriere exceeds 2,000.

Accor got rid of the stakes of a famous chain of hotels in France as part of its business refocusing caused by the debts of the company. The company will also receive dividends on Lucien Barriere shares for 2010, which will estimate 7.35 million of Euro.

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