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Accor sells 60 per cent stake in 15 Formule 1 projects across India

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EH STAFFNew Delhi

French hotel chain Accor, has announced that it has sold a 60 per cent stake in 15 wholly-owned Formule 1 hotel projects in India, to private equity firm, SAMHI. This decision has been taken in line with the Group’s ‘asset-light’ strategy. 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.

Today, Accor has 15 wholly-owned and leased developments under the Formule 1 brand of hotels in India. Of these, the first two hotels have opened – in Greater Noida and Ahmedabad – with a further hotel opening in Pune Hinjewadi by the end of this year. SAMHI is an Indian hotel investment and development firm focusing on ownership of branded hotels across key cities in the Indian sub-continent, specifically in the ‘value-for-money’ mid-scale and economy segments.

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