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Accor offloads $1.9bn hotels arm
Accor is to sell its troubled US budget hotel business for $1.9bn (£1.2bn) to private equity group Blackstone, in an expected move by the French hotel group to focus on growth outside the US. Accor will take a one-time non-cash hit of €600m linked to the early buyout of fixed-lease hotels as part of the deal.