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BRIEF-Banyan Tree and AccorHotels announce strategic partnership
December 8, 2016 / 8:59 AM / 9 months ago

BRIEF-Banyan Tree and AccorHotels announce strategic partnership

Dec 8(Reuters) - Accor SA :

* Reported on Wednesday Banyan Tree Holdings announced that it has entered into a heads of agreement with AccorHotels

* Under a long-term partnership, both parties intend to collaborate to develop and manage Banyan Tree branded hotels around the world

* Will invest an initial sum of SGD 24 million, approximately 16 million euros ($17.24 million)

* This investment will be made through a mandatory convertible debenture that at conversion will give AccorHotels an approximately 5 pct stake in Banyan Tree

* AccorHotels has an option to purchase an additional approximately 5 pct stake

Source text: bit.ly/2gWp2jz

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$1 = 0.9278 euros Gdynia Newsroom

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