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Accor sells 76 hotel properties as part of real estate management plan

09 March 2006
Accor sells 76 hotel properties as part of real estate management plan

Accor is to sell off 76 properties with a market value of €583m (£400m).

Property company Foncière des Murs will buy the properties and lease them back to Accor, which will continue to manage them under the Novotel, Mercure and Ibis brands.

The transaction concerns 59 hotels, five Thalassotherapy institutes in France and 12 hotel in Belgium, with 8,300 rooms.

In 2004 Accor signed a sale-and-leaseback deal for three UK and four Spanish hotels with Herax, the property investment fund set up by Heron Corporation and AXA Sun Life.

"Accor has also announced the sale of its remaining 1.42% stake in caterer Compass Group for £65m, and plans to add 200,000 new hotel rooms by 2010."

  • Accor has revealed plans for a new four-star Novotel hotel for London's Paddington. The 206 bedroom hotel will be the ninth Novotel in the capital. It will include a restaurant and bar, conference suite and leisure complex with pool and sauna. The hotel will be built by property company Development Securities. A planning application has now been submitted to Westminster Council and construction should take 18 months from assent.

Accor to shed property assets with hotel sell-off >>

By Laura Markey

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