December 6, 2019 (HONG KONG) – International law firm Proskauer advised long-time client Accor [ISIN: FR0000120404] in its agreement to sell an approximately 5% stake in Huazhu Group Limited [NASDAQ:HTHT] for $451 million. Accor will keep a stake of over 5% in Huazhu, and Accor's Chairman and CEO Sebastien Bazin will remain on the Huazhu board.
This transaction is part of the ongoing, strategic alliance between both groups. In 2016, we assisted Accor in establishing that relationship and purchasing its existing interests in Huazhu. Since then, the value of Accor's investment has increased by 450%.
Accor is a world-leading augmented hospitality group offering unique and meaningful experiences in 4,900 hotels, resorts, and residences across 110 countries. With an unrivalled portfolio of brands from luxury to economy, Accor has been providing hospitality savoir-faire for more than 50 years. Huazhu is a leading hotel operator and franchisor, operating more than 5,100 hotels with more than 500,000 rooms as of September 30, 2019.
The Proskauer team advising Accor on this deal was led by partner Yuval Tal, who co-heads our Hospitality, Gaming & Leisure Group and manages our Hong Kong and Beijing offices, and New York-based partner Jeff Horwitz, who co-heads our Private Equity Real Estate and Hospitality, Gaming & Leisure Groups. The team also included partner Dan Forman, special M&A consultant Vivian Ho and associate Sara Park.