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.
Colony Capital LLC founder and Chairman Tom Barrack said Sebastien Bazin, who is stepping down as Colony’s European investment chief to take the reins at Accor SA, was the best choice to revamp the French lodging company.
Sebastien Bazin, Colony Capital LLC’s head of European investing, will take over as chairman and chief executive officer of Accor SA as the lodging company focuses on reducing the proportion of hotels it owns.
Blackstone Group LP, the New York- based private-equity firm that manages $48 billion in real estate assets, agreed to buy the Motel 6 lodging chain from Accor SA for $1.9 billion, adding to its hospitality holdings.