Accor SA fell the most in five months in Paris trading after shareholders Colony Capital LLC and Eurazeo SA said they plan to sell stakes amounting to 9.65 percent of the shares.

Accor SA fell the most in five months in Paris trading after shareholders Colony Capital LLC and Eurazeo SA said they plan to sell stakes amounting to 9.65 percent of the shares.

Accor, Europe’s biggest operator of hotels, dropped as much as 4.2 percent, the most since Oct. 15. Private equity firms Colony and Eurazeo are selling 22.5 million Accor shares in a private placement to institutional investors, according to statements on Tuesday and Wednesday.

“Accor has activated several value creation levers over the past 18 months,” Eurazeo Deputy Chief Executive Officer Virginie Morgon said in a statement. “This formidable work is reflected in its exceptional performance and a marked appreciation in the share price, allowing us to sell nearly half of our investment.”

Accor, owner of the Sofitel and Ibis brands, has seen its profits and share price rise since Chief Executive Officer Sebastien Bazin took over in 2013, splitting the company into a division that buys and sells properties and another unit that operates them. Accor operates 265,000 hotel rooms in Europe.

Morgan Stanley is managing the share sale, according to the statements. Accor was down 3.9 percent at 47.6 euros as of 9:11 a.m. The stock closed at 49.5 euros on lastTuesday, 33 percent higher than a year ago.