Colony increases stake in Accor

Colony Capital has increased its stake in hotel chain Accor by purchasing EUR44.7m of shares in four different transactions via its Colday fund. Colony has been invested in Accord since 2005.

Although the exact stake Colony has taken was not confirmed at the time of going to press, in June 2008 Colony had stated that it reserved the right to raise its share in Accord to 20%. At that time Eurazeo had upped its stake to 8.5% of the company while Colony held 9%.

The company's origins date back to 1967 although the Accor name appeared in 1983. Accor is a global hotel operator that owns brands including Novotel, Sofitel and Ibis. The company is also a service to corporate clients and public institutions. Accor operates 4,000 hotels and nearly 500,000 rooms in around 90 countries with 150,000 employees.

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