Accor Announces Sale of 57 Properties

21st December 2007 (Last Updated December 21st, 2007 07:15)

Accor has announced plans to sell 47 hotels in France and ten in Switzerland to a real estate consortium including Caisse des Depots et Consignations and two investment funds. The €518m transaction includes a €52m renovation programme at the new owner's expense and an addition

Accor has announced plans to sell 47 hotels in France and ten in Switzerland to a real estate consortium including Caisse des Depots et Consignations and two investment funds.

The €518m transaction includes a €52m renovation programme at the new owner’s expense and an additional cost of €30m for the extension of two properties.

Accor will continue to operate the hotels through 12-year variable leases which have options to renew for 84 years.

The Novotel, Mercure, Ibis, All Seasons and Etap Hotel properties involved in the transaction represent 8,200 rooms.

The sale is part of Accor’s €1.9bn asset disposal programme announced in September.

By staff writer