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Accor SA Sells 60% In Budget Brand Formule 1-Business Standard
Business Standard reported that Accor SA has sold a 60% stake in 15 wholly owned Formule 1 hotel projects in India, to private equity firm, SAMHI, for an undisclosed sum. Following the deal, Accor will maintain a 40% 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, the European company is a statement.
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