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BREAKING NEWS

BREAKING NEWS

Goldman Sachs in talks to buy B&B Hotels from PAI Partners

Goldman Sachs in talks to buy B&B Hotels from PAI Partners
FILE PHOTO: A sign is displayed in the reception of the Sydney offices of Goldman Sachs in Australia, May 18, 2016. REUTERS/David Gray/File Photo/File Photo -
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David Gray(Reuters)
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PARIS (Reuters) - Goldman Sachs is in talks to buy B&B Hotels from private equity firm PAI Partners, the companies said on Monday, in a deal which an earlier report from the Financial Times said could be worth 1.9 billion euros (1.6 billion pounds).

Goldman Sachs Merchant Banking Division, the bank's investment fund arm, and PAI Partners did not disclose how much the transaction could be worth in their statement.

B&B Hotels had 2018 sales volumes worth 580 million euros, and it runs a network of 476 hotels, competing with the likes of Accor.

The global hotels industry has recently shown signs of solid growth, with Marriott issuing a relatively upbeat outlook earlier this month while Accor also expressed confidence over its 2019 outlook in April.

(Reporting by Sudip Kar-Gupta; Editing by Inti Landauro)

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