French hotel chain Accor on Monday said it has sold 60 per cent stake in 15 hotels under its entry level mid-market brand Formule 1 to hotel investment firm SAMHI. It did not disclose the specifics about the size of the deal.
The company said it was in line with its ‘asset-light’ strategy. While Accor will retain 40 per cent stake in the hotel assets it will also continue to manage these properties. In addition, Accor will retain its rights to own and develop projects under the Formule 1 brand in the future.
Currently, it has two hotels open under the Formule 1 brand at Greater Noida and Ahmedabad and expects to open another by the end of this year in Pune. Thirteen other hotels are under various stages of construction.