French hotels and business services group
Accor said it has completed its sale of the Red Roof Inn motel
chain.
Accor completed the
sale of Red Roof for $1.313 billion to a consortium comprising
Citigroup's Global Special Situations Group and Westbridge
Hospitality Fund. Westbridge is a partnership between privately
held hotel operator Westmont and a number of Canadian pension
funds.
Accor said it will now
focus on its Motel 6 economy hotel brand, noting that it plans to
open more than 200 new Motel 6 properties in the U.S. and Canada by
2010.
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Clausing at [email protected].