Jin Jiang ups Accor stake
Chinese hotel giant Jin Jiang has raised its stake in AccorHotels to 15.06 percent following the payment of its dividend in shares, Reuters reported.
Rubyrock Capital, Golden Apple Capital and Super Orange Capital, all controlled by Jin Jiang, now hold a combined 13.15 percent of AccorHotels voting rights and have not ruled out seeking board representation.
AccorHotels CEO Sebastien Bazin told the annual shareholders meeting in April it would be “a good thing” if Jin Jiang, which is AccorHotels’ top shareholder, eventually won seats on the board though the matter had not been discussed.
Jin Jiang, which already owns France’s Louvre Hotels Group, is among a growing number of Chinese firms investing in Europe’s tourism industry, including Fosun which took control of French holiday group Club Med last year.
The previously reported stake held by Jin Jiang was 14.98 percent.