Accor is to sell seven Suite Novotel hotels in France for €77m as part of its asset-light strategy.
The group’s asset management strategy aims to reduce adjusted net debt by €2.2bn by 2015 to help the company manage its assets and focus on its core business as a hotel operator.
The Suite Novotel units included in the transaction are located in Paris, Lille and Cannes.
The hotels have a total of 930 rooms and will be managed by Accor under a variable lease agreement.
The transaction will be completed before the end of 2011.