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French catering group Sodexo said on Friday it had sealed a deal to sell the renowned Paris cabaret Le Lido de Paris to Europe’s largest hotel group Accor, confirming a media report.

“Sodexo confirms it reached a deal with Accor over plans to sell Lido de Paris,” a Sodexo spokesperson said in an e-mail to Reuters.

Further details were not immediately available, ahead of a meeting early next week with staff representatives, the spokesperson said.

The price paid for Le Lido, a tourist hotspot located on the Champs Elysee avenue, would be “symbolic” in view of the sector’s difficulties stemming from the coronavirus pandemic, French daily Les Echos, which was first to report the deal, said earlier.

Accor declined to comment.

Copyright (2021) Thomson Reuters. Click for restrictions

This article was written by Dominique Vidalon from Reuters and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to [email protected].

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Tags: accor, transactions

Photo credit: Performers at Le Lido de Paris, a famous cabaret that has been owned by Sodexo. Source: Le Lido.

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