Europe's biggest hotel group Accor announced on Friday it has entered exclusive negotiations with Andera Partners and partner investors to acquire a 63% stake in Potel & Chabot and become the sole shareholder of the company.

The transaction is expected to be completed in autumn, Accor said in a statement.

Following this transaction, Potel & Chabot will be consolidated within Accor's Luxury & Lifestyle Division, Accor added.

(Reporting by Dina Kartit, Editing by Louise Heavens)