Accor Announces the Sale of Red Roof Inns to Citi Global Special Situations Group and Westbridge for 1.32 Billion Dollars.
PR Newswire Europe, April, 2007
PARIS, April 23 /PRNewswire/ -- Based on the strategic review undertaken in 2006, Accor today announced the sale of Red Roof Inns to a consortium comprised of Citi's Global Special Situations Group and Westbridge Hospitality Fund, L.P. for 1.32 billion dollars.
The Global Special Situations Group of Citigroup Global Markets Holdings Inc is a principal investment group that invests Citi's capital in event-driven and special situation strategies globally.
Westbridge is a partnership between Westmont Hospitality Group and a number of Canadian pension fund managers, including Cadim Inc., a division of Caisse de depot et placement du Quebec, and Regime de rentes du Mouvement Desjardins. Westmont is one of the largest private owner/operator of hotels in...
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