French hospitality giant Accor has become “asset-light” with completion of the sale of its majority stake Polish hotel chain Orbis for €1.06 billion.

The company has also agreed the sale and leaseback of 16 Movenpick hotels’ leases  in Germany, Switzerland and the Netherlands.

The deals will contribute to a plan by Accor to return €1 billion to shareholders over the next two years.

Chairman and chief executive Sebastien Bazin said: “Accor has now become a fully asset light group.

“By combining a two-year €1 billion shareholder return programme with the pursuit of a targeted acquisition strategy, the group demonstrates the strength of its new model and its ability to rigorously execute its strategic roadmap.

“We are now focused on the organic growth of our portfolio, the strengthening of our leadership in our key markets, the attractiveness of our brands for our customers and our owners and an unwavering commitment to promoting our values and a distinctive vision of hospitality.”