Accor to sell French Suite Novotel hotels

17th October 2011 (Last Updated October 17th, 2011 18:30)

Accor is to sell seven Suite Novotel hotels in France for €77m as part of its asset-light strategy.

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.