Last week Accor, the major global group and leader in hotels and services to corporate clients and public institutions, announced that it had increased its stake in French casino company Groupe Lucien Barrière to 49%. Under agreements signed in January 2004 between Colony Capital, the Desseigne Barrière family and Accor, Colony had an option to sell Accor its 15% stake in the gaming company, at a price determined by five independent banks.

Last November Colony announced that it intended to start the valuation process and the 15% has now been acquired by Accor for €153 million, the average of the valuations made by the independent experts, excluding the highest and the lowest valuations, in accordance with the agreement. Colony Capital was established in 1991 by Tom Barrack, who recently said the private equity model had been badly wounded by the difficulties firms now faced in raising debt and permanent capital.

Colony, based in Los Angeles, invests in several gaming companies, including Station Casinos, Kerzner International, Aztar Corp, RIH Casino Resorts, Las Vegas Hilton and Harvey’s Casino Resorts. Accor operates in almost 100 countries with 4,000 hotels. Groupe Lucien Barrière has 37 casinos and 13 luxury hotels. Recently Accor‘s Sofitel brand together with Spanish gaming company Codere entered a tender bid for Uruguay’s landmark Hotel Casino Carrasco. (E-04.06.09)

© Copyright 2009 CasinoCompendium



>>> return to archives
>>> return to frontpage