French hotel group Accor has confirmed that it is in negotiations to sell its 49% interest in France's largest casino operator Lucien Barrière to the Fimalac financial holding.

Specialising in luxury hotels and casinos, Groupe Lucien Barriere owns around 16 hotels and over 37 Casinos throughout France. It is majority-owned by the Desseigne family, with Accor controlling the remaining 49% interest.

The sale process comes shortly after Lucien Barriere's Initial Public Offering planned for September last year failed to raise sufficient investor interest. The operation would have allowed Accor to divest its non-strategic share in the French casino and hotel operator. According to French daily Le Figaro, the operation is worth around EUR 550 mln.