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December 5, 2010

Accor to Divest its Swedish Assets

Accor is planning to sell its Swedish assets, comprising of 18 hotels with a total of 1,760 rooms, in a sale and franchise-back transaction. The French hotel group will continue to operate its 14 Ibis and 4 Formule 1 hotels under the same brands. The transaction is part of A

By cms admin

Accor is planning to sell its Swedish assets, comprising of 18 hotels with a total of 1,760 rooms, in a sale and franchise-back transaction.

The French hotel group will continue to operate its 14 Ibis and 4 Formule 1 hotels under the same brands.

The transaction is part of Accor’s multi-year programme to sell €2bn ($2.6bn) (adjusted net debt impact) in hotel property assets between 2010 and 2013.

The transaction is being carried out in partnership with a joint venture comprising of private equity house Sveafastigheter and Event Holding, a hotel investor and operator in Germany and France.

Accor has also launched a new phase of expansion in Scandinavia based on franchise and management contracts, particularly in Sweden, Norway and Denmark.

The hotel group is present in 90 countries with 4,200 hotels and more than 500,000 rooms.

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