Sculptor Capital Management, the hedge fund at the centre of a takeover between Rithm Capital and an investor group led by Saba Capital Management boss Boaz Weinstein, has acquired more loans from French hotels operator AccorInvest Group SA, according to a report by Bloomberg.
The report cites an unnamed source with knowledge of the matter as revealing that the acquisitions come ahead of a refinancing of the business with Sculptor positioning itself as a key lender to the company by acquiring about half of the €270m of loans previously owned by UniCredit SpA in recent weeks.
The price paid was around 90%-93% of face value, according to Bloomberg’s source.
AccorInvest, which has more than 750 hotels operating under the Sofitel, Novotel and Ibis brands, is talking to its lenders about changing the terms and extending the maturity of €4bn of debt coming due in 2025, as rising interest rates hit real estate valuations. The company underwent a restructuring during the coronavirus pandemic, as lock-down restrictions hit the hospitality industry.
