August 27 , 2012 - As part of its
asset management strategy, Accor announces a sale and lease back
agreement concerning the MGallery Mondial Am Dom in Cologne (207 rooms)
for €20.5m and the MGallery Convent Hotel in Amsterdam (148 rooms) for
€23.5m. The transaction includes a renovation program of €12.4m, €7.3m
of which will be invested by the buyer.
Both hotels will remain operated by Accor through a 15 year commercial
lease agreement that will be renewable at Accor’s option. The turnover
rent averages 21.5% of the annual revenue of the hotels. Based on 2011
revenue, the net variable rent would have reached €3m last year.
Insurance costs, real estate taxes and structural capital expenditures
will now be paid by the new owner. The buyer is the hotel real estate
investment fund of Internos Real Investors, a major player in the real
estate and hotel sector in Europe.
This new transaction confirms the Group’s ability to continue to
actively manage its assets, in line with itsasset-management strategy
of reducing adjusted net debt by €2.2 billion by 2015.
About Accor
Accor, the world's leading hotel operator
and market leader in Europe, is present in 92 countries with more than
4,400 hotels and 530,000 rooms. Accor's broad portfolio of hotel brands
- Sofitel, Pullman, MGallery, Novotel, Suite Novotel, Mercure, Adagio,
ibis, all seasons/ibis Styles, Etap Hotel/Formule 1/ibis budget,
hotelF1 and Motel 6 - provide an extensive offer from luxury to budget.
With more than 180,000 employees* in Accor brand hotels worldwide, the
Group offers to its clients and partners nearly 45 years of know-how
and expertise.
*Including 145,000 in owned, leased and managed hotels
About Internos Real Investors
Established in 2004, Internos manages €2.1 billion of assets. With five
European offices in London, Frankfurt, Paris, Amsterdam and Luxembourg,
Internos provides strategic solutions to mainly institutional clients
seeking access to European real estate.