(Bloomberg) -- French hotel group Accor SA agreed to buy Le Lido, an iconic cabaret on the Champs-Elysees avenue in Paris, from French catering company Sodexo for an undisclosed amount.

A spokesman for Sodexo confirmed that an agreement has been reached with Accor, without providing a price. A spokeswoman for the hotel operator declined to comment.

The transaction was first reported by French newspaper Les Echos.

Accor’s bet on the show venue comes as the entertainment and hotel industries are reeling from a new wave of coronavirus that’s hampering tourism and business travel. 

For Sodexo the move is another divestment from activities outside its core operations. It recently sold its business travel and expense management activities, and entered in talks to combine its childcare activities with those of the Grandir group.

 

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