Accor SA, the largest international hotel operator in the Asia-Pacific region, had sold 60 per cent stake in 15 wholly owned Formule 1 hotel projects in India to private equity firm SAMHI Hotels for an undisclosed sum, the company said on Monday.
The economy brand, Formule 1, which has two operational hotels in India, will see the changed approach of the group as it now follows an ‘asset-light’ strategy. Also Read Related Stories News Now - Funds from Formule 1 disinvestment to be used for expansion.
Formule 1 competes with the Ginger brand from Roots Corp, a 100 per cent subsidiary of The Indian Hotels Co Ltd.
Room per night charges of Formule 1 start from Rs 2,112 (Greater Noida). Following the deal, Accor will maintain a 40 per cent stake in the hotels and will continue to operate them under long-term operating agreements.
"Accor will retain the rights to own and/or develop further Formule 1 projects in India," the French company said in a statement. Today, Accor has 15 wholly-owned and leased developments under the Formule 1 brand of hotels in India.
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