Accor will sell a 49% stake in French casino company Groupe Lucien Barriere for €268m ($348.9m) as part of its strategy to focus on its core hotel business.

Under the deal, the French hotel group will sell a 34% interest in Groupe Lucien Barriere to Fimalac for €186m ($242m) and a 15% interest to Lucien Barriere for €82m ($106.7m).

“I am very pleased to announce this agreement, which maximises Accor shareholders’ interests while completing our strategic refocusing on our core business,” said Accor Group chairman Gilles Pelisson.

The Lucien Barriere group owns 37 casinos and 16 luxury hotels, including Fouquet’s in Paris and the Majestic in Cannes, as well as 131 restaurants and bars.

The casino company has annual sales of €1bn and employs 6,600 people.

The transaction is expected to be completed in the first quarter of this year.