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December 21, 2007

Accor Announces Sale of 57 Properties

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

By cms admin

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

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