The transaction is subject to regulatory approvals which are anticipated to be completed by July 31.
This partnership will combine the expertise and savoir-faire of the two groups; AccorHotels will acquire the 50 percent of sbe's common equity held in part by Cain International for USD125 million.
Sam Nazarian will continue to own the remaining 50 percent of sbe. In addition, AccorHotels will invest USD194 million in a new preferred debt instrument that will be used to redeem all existing preferred units, also held in part by Cain International. AccorHotels’ total investment in sbe will be USD319 million.