NEW YORK, January 23, 2023 – Proskauer, a leading international law firm, announced today that it advised longtime client and world-leading hospitality group, Accor, on the sale of its remaining interests in H World Group Limited, formerly Huazhu Group Limited, for $460 million.
These sales finalize the value creation of the investment made by Accor in 2016, also with Proskauer's representation. The cumulative value received by Accor since it started selling its interests in 2019 has now reached $1.2 billion, compared to an initial investment of less than $200 million. Pursuant to the original transaction, H World maintains its master franchise agreement to various Accor brands, which has resulted in the opening of 450 budget and mid-range hotels in China, with an additional 190 hotel openings in the pipeline for the next three years.
Accor has been a Proskauer client for more than 25 years, and the Firm has advised the company on numerous transactions and matters across North and South America, Europe, Asia and Australia, with an aggregate deal value of more than $12 billion. Proskauer previously represented Accor in the structuring and implementation of its global joint venture with Ennismore, which combined 14 hotel and co-working brands, and a collection of more than 150 culturally-relevant and diverse restaurants and nightlife destinations for the joint venture, and the recent partial sale of its interests in Ennismore to a consortium of Qatari investors which valued Ennismore at over $2 billion. The Firm also advised Accor on the launch of its global strategic partnership with Faena Group for expanding the Faena brand around the world.
The Proskauer team was led by partners Jeff Horwitz and Yuval Tal (Private Equity Real Estate) along with partners Louis Rambo and Jeremy Leifer (Capital Markets) and associates Laura Addicott and Dana Kahati (Mergers & Acquisitions).