Accor sold off a 1.5% stake in Huazhu Group Limited for 239 million euros ($290.8 million), according to a news release. The sale allows the French hotel firm to “crystallize further value creation of the initial investment while simplifying its balance sheet.”

After the sale, Accor still owns a 3.3% stake in Huazhu and maintains representation on the group’s board of directors. The two companies formed its partnership in January 2016. The master-franchise agreement led to the opening of 300 economy and midscale hotels in China, mostly under the Ibis, Novotel and Mercure brands.

Hyatt Hotels Corp. President and CEO Mark Hoplamazian said during his company’s fourth quarter and full-year 2020 earnings call that earlier indicators for potential group demand rebound came from China, reports HNN’s Sean McCracken. The country was ahead of the curve for both the initial spread as well as the containment of COVID-19.

Hoplamazian described China's demand as the “canary in the coal mine” for an eventual global return to travel.

MGM Resorts International reported that revenue from MGM China was up $305 million during the fourth quarter, reports HNN’s Bryan Wroten. MGM Resorts President and CEO Bill Hornbuckle said during the company’s latest earnings call that the reemergence of the coronavirus in China and subsequent government restrictions on travel have affected demand in the short term, but he expected the market would experience a broader rate of recovery.

“We're pleased to finally see that MGM China's back in the black, driven by strong market share gains as well as continued cost mitigation efforts,” he said.

• Australia’s private equity and asset management firm Pro-Invest Group is acquiring the 172-room Sydney Primus Hotel from China-based Greenland for 132 million Australian dollars ($104.5 million).
• Singapore-based Banyan Tree Group plans to expand into three regions across eight destinations with hotels in Cambodia, Indonesia, China, Qatar, Greece and Mozambique this year.
• Thailand’s Minor Hotels signed a memorandum of understanding with Funyard Hotels & Resorts, a core alliance enterprise of China’s Country Garden Group, to expand its brands in China.
• Singapore’s Gallant Venture Limited announced its proposal to acquire 66.25% of shares in Bintan Resort Holdings for a total consideration of 4.94 million Singapore dollars ($3.7 million).
• Australia’s Baillie Lodges acquired the 18-room Huka Lodge outside of Taupo in New Zealand.

Compiled by Bryan Wroten.