The long-term ownership of Accor Hotels looked increasingly uncertain at the end of June as the head of the hotel giant met with representatives of the Chinese conglomerate HNA, according to the French newspaper Journal du Dimanche.
Reports indicated that Accor CEO Sebastien Bazin called the meeting to prevent rival Chinese company Jin Jiang from increasing its 15.6% stake to 29.0% – a move that, under French law, would force a public offer for the whole company.
Jin Jiang is one of the fastest-growing groups in the Chinese hotel market, controlling the country’s largest lodging company. HNA, however, is a force to be reckoned with, with investments across Chinese property, aviation and hospitality. Journal du Dimanche also reported that a third option – the French state buying a 10.0% stake in the company, reportedly supported by several ministers – was on the cards.