PARIS: French hotel giant Accor said yesterday it had completed the sale of its US budget hotel division including Motel 6 to the Blackstone investment fund for $ 1.9 billion (1.5 billion euros).
"This transaction allows Accor to reduce its adjusted net debt by about 780 million euros," Accor said in a statement.
At the end of August, Accor's net debt totaled roughly 804 million euros.
When the sale was announced in May Accor said it would also use the funds to tap into growth in Asia.
The sale of 1,102 hotels with 107,347 rooms in the United States and Canada includes the Motel 6 chain and Studio 6, an extended-stay economy chain.
It leaves Accor with 17 Sofitel and Novotel hotels in North America.
Chief Executive Denis Hennequin has called the Motel 6 sale an "important step" in Accor's plans to restructure its business model.
The company said at the end of August it was accelerating its plans to cut the number of rooms it owns directly in favor of franchising and management contracts after posting a net loss of 532 million euros in the first half of the year.
Accor, which owns brands from the budget F1 to upscale Pullman, has been reducing its real estate assets, which tie up capital, even as it rapidly expands the number of rooms it offers.
In particular it has targeted expansion in Asia to cash in on the region's growing affluence.
Accor sells US budget hotel to Blackstone for $ 1.9 billion
Accor sells US budget hotel to Blackstone for $ 1.9 billion
ALJ Motors champions Toyota SUVs’ off-road legacy
Abdul Latif Jameel Motors, the authorized distributor of Toyota vehicles in Saudi Arabia since 1955, has launched the second edition of its off-road initiative — an immersive driving experience designed to engage guests and showcase the real-world capabilities of Toyota’s SUV lineup in the Kingdom’s desert terrains. The activation takes place on weekends, starting initially in Riyadh and continuing through Jeddah, before concluding in Dammam on Jan. 24.
The multi-city activation is designed to engage guests through Toyota’s SUV lineup in fun and exciting ways, offering a hands-on opportunity to experience vehicle performance, control, and versatility. The lineup features a wide range of Toyota SUV models, including the Land Cruiser HEV Max, a hybrid vehicle built for performance. Beyond the off-road drives, the activation offers a welcoming weekend setting with supporting activities suitable for families and younger guests, creating a well-rounded experience for visitors of all ages.
Building on the success of its inaugural edition, which welcomed more than 4,500 participants and attracted over 10,000 attendees, the second edition continues to focus on meaningful guest engagement through interactive and experiential driving activities while emphasizing safety, trust, and enjoyment. Through this approach, ALJ Motors champions Toyota’s off-road legacy while creating an experience that further connects guests with Toyota’s renowned SUV lineup.
Shahad Nassier, managing director of marketing communications at ALJ Motors, said: “Following the strong response to the inaugural season, the return of this off-road experience allows us to continue engaging our guests in an authentic and exciting way. In this second edition, we have further refined the driving routes and elevated the overall experience to better serve our guests and their families. By bringing Toyota’s SUV lineup into real desert environments, we provide an opportunity for guests to experience vehicle performance firsthand, while reinforcing the values of reliability and capability that have long defined Toyota’s presence in the Kingdom.”
The experiential initiative deepens guest relationships, supports informed vehicle choice, and reflects ALJ Motors’ ongoing role in delivering reliable and diversified mobility solutions across the Kingdom, in line with Saudi Vision 2030.
Guests interested in participating in the off-road experience can register for the upcoming activations in Jeddah on Jan. 9-10, followed by Dammam on Jan. 16-17 and 23-24, through ALJ Motors’ official social channels.
