SINGAPORE - Resort operator Banyan Tree Holdings said late on Tuesday evening (June 19) that French hotel chain operator Accor has not exercised an option to buy up to 10 per cent of Banyan.

The option was granted in late April alongside an irredeemable convertible debt of $24 million subscribed by Accor, and a collaboration agreement to co-develop hotels. The placement shares offered under the option agreement were to be sold at a 15 per cent premium to the volume-weighted average price immediately before the option notice is submitted by Accor.

The convertible debt allows for the automatic conversion of the outstanding principal amount into shares once certain conditions are triggered.