After eight months of negotiations with unnamed parties, AccorHotels via its AccorInvest division’s Booster project has sold a majority 55% stake of its owned portfolio for a sum of approximately €4.4 billion ($5.4 billion), according to sources.

AccorHotels’ CEO Sébastien Bazin has been vocal the French hotel firm would keep the largest single percentage of assets, which it said would be capped at 30%, and thus voting rights.

In the call, Bazin said AccorHotels would sell its remaining stake down to 30%, after which a five-year lock down on further activity would be put in place.

After that period of time, its own owned stake would be reduced further to give “AccorInvest … its own life,” he said.

The asset-management buyers include London-based Amundi, Singapore-based GIC, Paris-based Crédit Agricole Assurances, Saudi Arabia-based PIF and U.S.-based Colony Northstar.

The news came several days after the French hotel firm announced its full-year 2017 results, which included a 2.5% to 6.7% improvement on its previously stated full-year guidance of between €460 million ($562.2 million) and €480 million ($586.6 million).

During a telephone presentation announcing the AccorInvest news, Bazin said following the closing of the transaction, expected by the second quarter of 2018, AccorHotels will implement a two-year timeline of returning €1.35 billion ($1.6 billion) to shareholders via share buybacks, which represents 10% of its share capital based on current market capitalization.

Accor is to retain management contracts of between 30 and 50 years on the sold assets.

Bazin said the “entry of new shareholders and the deconsolidation of AccorInvest will provide AccorHotels with substantial leeway to enhance our dynamic growth and innovation strategy and create value for shareholders.

“For its part, AccorInvest will take advantage of its new powerful shareholders’ support, as well as a strengthened financial structure to execute its roadmap and continue to reinforce its portfolio of assets,” he said.