US property company Colony Capital and investment group Eurazeo have said they plan to raise their stakes in French hotel chain Accor.
One of the world’s biggest hotel groups with brands including Novotel and Ibis, Accor’s management have asked for guarantee’s from both buyers that they are not looking at a potential take over bid.
Colony, which already owns ten percent of Accor, said it would raise its stake to around twenty percent…. while Eurazeo said its would increase its stake to around ten percent.
In February, Accor posted a seventy six percent jump in full-year profits, although the company last month reported a five percent drop in first quarter sales, blaming weakness in the US dollar against the Euro.
Shares in the French hotel outfit have risen approximately two percent since the beginning of 2008.