French court approves Colony Capital purchase of hotel group

French court approves Colony Capital purchase of hotel group

MARSEILLE, France (Reuters) - A Marseille commercial court approved U.S. investment group Colony Capital and France's AccorHotels to take over French hotel group Maranatha in receivership since 2017.

Maranatha runs about 50 mostly four and five-star hotels in France owned by some 5,500 private investors through 135 companies, which must also approve the sale.

The court chose the offer from Colony as a financial investor and AccorHotels to operate the hotels over other offers.

Maranatha, which employs 1,300 people, ran into financial difficulties when it tried to buy its assets following a series of sales after terror attacks in France in 2015 and 2016.

(Reporting by Marc Leras, writing by Leigh Thomas; Editing by Ingrid Melander)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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Updated Date: Oct 18, 2018 00:07:21 IST

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