By Olivia Bugault

Accor SA said Friday that it has completed the sale of a 1.5% stake in Huazhu Group Ltd., a hotel operator in China, for 239 million euros ($289.1 million).

After this disposal, the French hospitality group owns a 3.3% stake in Huazhu and will still be represented at its board of directors, it said.

"This transaction allows Accor to crystallize further value creation of the initial investment while simplifying its balance sheet," the company said.

The collaboration between Accor and Huazhu started in 2016 and saw the openings of 300 economy and midscale hotels in China, while more than 200 properties should open in the next three years, Accor said.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

February 19, 2021 02:34 ET (07:34 GMT)

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