Accor to Buy About 30% of Club Med
From Associated Press
French hotel and leisure company Accor said it was buying nearly 30% of Club Mediterranee for $305 million in a move that could accelerate the resort operator’s push to lure affluent customers.
Accor, which owns 4,000 hotels worldwide, will become Club Med’s biggest shareholder once the deal is completed. It has agreed to buy the 21.2% Club Med stake held by Italy’s Agnelli family and the 7.7% controlled by CDC, a French state-owned bank.
