Adds detail, share price
PARIS, Oct 7 (Reuters) – French hotel real estate group AccorInvest is in talks with its banks over a possible restructuring of more than 4 billion euros ($4.7 billion) of debts, financial daily Les Echos reported on its website.
AccorInvest owns and operates hotels managed by the Accor group ACCP.PA and is present in 31 countries with 904 hotels, for brands including Ibis, Novotel and Mercure. In 2018, Accor opened AccorInvest’s capital to sovereign wealth funds and institutional investors and kept a 30% minority stake.
As hotels worlwide run at reduced capacity because of coronavirus-related travel limits, AccorInvest has proposed a financial restructuring to its banks and requested a 450 million euro state-guaranteed loan, Les Echos reported.
Accor shares, which are down about 40% since the start of the year, fell another 1.3% on Wednesday.
Les Echos said AccorInvest has started talks with its 19