HNA Group Denies Discussions to Acquire Stake in AccorHotels
PHOTO: Novotel Lombok. (Photo courtesy of AccorHotels).
China's HNA Hospitality Group has refuted reports that it's been in talks with AccorHotels to purchase shares in the French hotel group in an effort to prevent Jin Jiang Hotels from doing the same.
"As of now, HNA Hospitality Group neither has discussed with French AccorHotels Group on the equity acquisition, nor plans to have such discussion," the group said in a statement released Friday. "Relating reports are false."
Earlier this month, French newspaper Le Journal du Dimanch reported AccorHotels CEO Sebastien Bazin had held talks with HNA in hopes of thwarting Jin Jiang's attempt to increase its stake in the French hotel company, per Reuters.
Jin Jiang increasing its stake to 29 percent would result in a public offer.
HNA acknowledged that it's "on the mission to establish a Chinese hotel brand," but pointed out that it "actively fulfills a company's responsibilities in the society, with the dedication in creating a healthy market environment for the hotel industry with stakeholders, including the government, investors, industry peers, and customers."
"HNA Hospitality Group has always been cautious with investments, following industry standard business codes and company work rules strictly, and will not participate in hostile bidding with any projects," the group said in the statement.
Citing Le Journal du Dimanch, Reuers reported another potential option would be for the French state to acquire a 10 percent stake in AccorHotels.
The rumors of HNA's potential involvement and the company's subsequent denial come nearly two months after its tourism group agreed to acquire Carlson Hotels. Interestingly, AccorHotels was also rumored to be considering a bid for the hotel chain.
For more Hotel & Resort News
More by Patrick Clarke
Get Travel Deals and Travel News
Recent Travel Opinions
Airlines & Airports
Cruise Line & Cruise Ship