By Noemie Bisserbe
PARIS--France's AccorHotels SA (AC.FR) said Wednesday it had completed the acquisition of a 10.8% stake in Huazhu Hotels Group.
Under the agreement the French hotel giant will also take a seat on the Chinese group's board of directors.
This strategic alliance will "enable the group to accelerate the development of Grand Mercure, Novotel, Mercure, ibis and ibis Styles brands in China, Taiwan and Mongolia, with 350 to 400 hotels due to open over the next five years," said AccorHotels.
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