Accor SA, Europe’s largest hotel operator, announced a reorganization that will focus the business on operating and owning hotels, reversing a previous plan to divest properties. The stock fell as much as 5.5 percent in Paris trading.
Prince Alwaleed bin Talal, the Saudi billionaire with stakes in companies including Citigroup Inc., is weighing options including an initial public offering for Four Seasons Holdings Inc. and Fairmont Hotels & Resorts Inc.
Investors in Blackstone Group LP’s debut sale of bonds backed by U.S. rental homes are agreeing to accept more risk than in traditional mortgage deals by at least two measures -- along with an unproven business.
Blackstone Group LP’s debut sale of bonds backed by rental homes is paving the way for Cerberus Capital Management LP and Colony Capital LLC as Wall Street creates a new market to expand funding for the industry.
Blackstone Group LP raised more than $4 billion in 2009 to buy European property assets anticipating that cash-strapped banks would be forced to sell as the region’s debt crisis worsened. Almost all of it sat idle for two years.
The Federal Housing Finance Agency, the regulator that oversees Fannie Mae and Freddie Mac, offered to sell foreclosed homes to bidders who didn’t meet required standards, the agency’s inspector general said.