AccorHotels has sold 55% of AccorInvest, a subsidiary company which owns 891 AccorHotels, mostly in Europe, to a consortium of investors for US$5.4 billion, including the sovereign wealth funds of Saudi Arabia and Singapore.

The funds will be used to accelerate growth, said AccorHotels chief executive Sebastien Bazin. Before the sale, AccorHotels  had locked in management agreements of up to 50 years for the properties.

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