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Report: Saudi wealth fund eyeing 15% stake in AccorHotels property arm

The Public Investment Fund of Saudi Arabia is in discussions to acquire a 15% interest in French hotelier AccorHotels' property arm AccorInvest, in a deal that could value the latter at approximately €6.2 billion, Bloomberg Markets reported, citing unnamed sources.

According to the report, a group including the Saudi Arabian sovereign wealth fund, Singaporean sovereign wealth fund GIC Pte., diversified real estate investment trust Colony NorthStar Inc. and French asset manager Amundi SA is eyeing a majority stake in AccorInvest.

In announcing its full-year 2017 earnings Feb. 21, AccorHotels said it is in final-stage discussions with "tier-one French and international investors" regarding a stake sale in AccorInvest. It was previously reported that AccorHotels would remain the largest shareholder in AccorInvest in a transaction that is likely to be announced by the end of February.

Bloomberg quoted the unnamed sources as saying that there is no guarantee that the parties will strike a deal regarding the stake sale.

An AccorHotels spokesman reportedly did not offer any further comments, while Public Investment Fund, GIC, Amundi and Colony NorthStar representatives declined to comment.