The
French hotel group Accor has finally completed the sale of Red Roof Inn - its US based hotel chain comprising of 341 hotels. Accor, which has a long list of successful hotels like Sofitel, Pullman, Novotel, Mercure, Suitehotel, Ibis, All Seasons, Etap Hotel, Formule 1 and Motel 6, sealed off the deal for a whopping $1.3 billion to a consortium comprising of Citi’s Global Special Situations Group and Westbridge Hospitality Fund. The strategic move by the group is expected to reduce its adjusted net debt by about $1.14 billion. Accor with its ambition to be the world leader in budget and economy hotels, after shedding weight, now plans to focus heavily on its Motel 6 group - a low budget motel chain in the US with 928 establishments at the moment. And the brave plans are all there too! The group plans to open 200 more units in the United States and Canada by 2010. A good deal indeed!
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Source : IIPM Editorial, 2008
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
For More IIPM Info, Visit below mentioned IIPM articles.
IIPM - Admission Procedure
IIPM is A World of Career
Why Study Abroad When IIPM Gives You 3 global Advantages!
French hotel group Accor has finally completed the sale of Red Roof Inn - its US based hotel chain comprising of 341 hotels. Accor, which has a long list of successful hotels like Sofitel, Pullman, Novotel, Mercure, Suitehotel, Ibis, All Seasons, Etap Hotel, Formule 1 and Motel 6, sealed off the deal for a whopping $1.3 billion to a consortium comprising of Citi’s Global Special Situations Group and Westbridge Hospitality Fund. The strategic move by the group is expected to reduce its adjusted net debt by about $1.14 billion. Accor with its ambition to be the world leader in budget and economy hotels, after shedding weight, now plans to focus heavily on its Motel 6 group - a low budget motel chain in the US with 928 establishments at the moment. And the brave plans are all there too! The group plans to open 200 more units in the United States and Canada by 2010. A good deal indeed!For more articles, Click on IIPM Article
Source : IIPM Editorial, 2008
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
For More IIPM Info, Visit below mentioned IIPM articles.
IIPM - Admission Procedure
IIPM is A World of Career
Why Study Abroad When IIPM Gives You 3 global Advantages!
