French hotel group Accor has divested stake in 15 hotels to hotel investment firm SAMHI Hotels.
The company has offloaded 60 per cent stake in 15 hotels under its economy brand Formule 1whereas, the remaining 40 per cent will be in the hands of Accor. However, the financial details of the purpose have not been disclosed. It will continue to operate them under long-term operating agreements.
Currently, Accor has 15 wholly-owned and leased developments under the Formule 1 brand in India, and two have become operational at Greater Noida and Ahmedabad, while one more in Hinjewadi on the periphery of Pune will commence operation by December 2012.