Hotel group Accor has sold its Sofitel Grand hotel in Amsterdam for €60m (£47m) in a sale-and-manage back deal.
In addition the unnamed buyer has agreed to finance €32m in renovation work at the 182-room property, which will reopen in June 2009 as a Sofitel Legend.
Accor will continue to run the hotel under a 25-year management contract and retain a 40% interest in the owning company.
The international hotel chain has also entered into a franchise agreement that will see a new Mecure hotel at London's Gatwick airport.
Arora International Hotels has purchased the operating lease for the Renaissance hotel at Gatwick from Hotel Property Investors.
The company, which has extensive hotel airport interests, will run the 254-bedroom hotel as the Mecure London Gatwick.
Surinder Arora, chairman of Arora International Hotels, said: "Gatwick is one of the most important business and tourist hubs in the South-East of England and I am delighted to add the Mercure as our third property here."
The hotel will be the 29th Mercure in the UK and the first at an airport.
By Gemma Sharkey
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