Hotel Online
News for the Hospitality Executive


Accor Sells the 147-room Sofitel Paris Le Faubourg Under
$151 Million Sale and Management-Back Agreement

February 19, 2013 - As part of its asset management strategy, Accor announces the sale of the Sofitel Paris Le Faubourg in Paris, under a sale and management-back agreement, for a total value of €113m (€769,000 per room), including a €13m renovation program.

Open in 1979 at the heart of Paris, a few steps away from the Champs-Elysées, the Louvre Museum and the Opéra Garnier, this 147 rooms & suites flagship hotel will continue to be operated by Accor under a long-term management agreement. It will benefit from a refurbishment program representing a €13 million investment scheduled for 2014. The hotel will remain opened during the renovation works.

The buyer is Mount Kellett Capital Management LP, a global investment management firm with over $7 billion of assets under management across multiple asset classes globally.

Denis Hennequin, Accor’s Chairman and CEO, said, “The Sofitel Paris Le Faubourg stands as one of the most iconic hotels for the brand. I am delighted with this transaction, achieved with high quality partners, which allows us to keep a long-term visibility on the management of one of Accor’s true flagships”.

About Accor
Accor, the world's leading hotel operator and market leader in Europe, is present in 90 countries with 4,400 hotels and more than 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/ibis budget, hotelF1 and Motel 6 - provide an extensive offer from luxury to budget. With 145,000 employees worldwide, the Group offers to its clients and partners nearly 45 years of know-how and expertise.
Media Contact:

Agnès Caradec
Senior Vice President,
Corporate Communications and External Relations
Phone: +33 (0)1 45 38 87 52

Elodie Woillez
Phone: +33 (0)1 45 38 87 08

Sébastien Valentin
Vice President,
Investor Relations and Financial Communication
Phone: +33 (0)1 45 38 86 25

Léa Ledermann
Investor Relations
Phone: +33 (0)1 45 38 86 36

Receive Your Hospitality Industry Headlines via Email for Free! Subscribe Here

To Learn More About Your News Being Published on Hotel-Online Inquire Here
Also See: Completing Three Years of Restoration, the 122-room Sofitel Legend Cartagena Santa Clara Opens in Colombia / February 2013

Sofitel Signs Three Management Contracts in Asia-Pacific; To Open Properties in Wellington, New Zealand, Bali, Indonesia and Shenyang, China by Mid-2014 / February 2013

Accor's Sofitel Paris La Défense Under a $28.7 million Sale & Management-Back Agreement; Hotel will Continue to be Operated by Accor Under a Long Term Management Contract / December 2012

Blackstone Group Acquires the 415-room Sofitel Chicago; Accor to Retain Management of Property / November 2012

Isabelle Birem Joins Accor as Senior Vice President Direct Sales / April 2012

Accor Tailors Mercure for China with the Launch of ‘Mei Jue’ Brand; A Tailor-Made Grand Mercure for the Chinese Upscale Market / February 2012

Accor's Pullman Hotels Expands in Europe with the Pullman Munich in Germany and the Pullman Eindhoven Cocagne in The Netherlands / February 2012

Accor Opens its 150th hotel in Brazil with the 166-room Novotel Porto Alegre Aeroporto; Aiming at a Network of 250 hotels in Brazil by 2015 / February 2012

Accor Completes Another Record Year of Expansion in Asia Pacific; Adds 67 Hotels in the Region and Acquires Mirvac Hotels & Resorts / January 2012

Chef Jérôme Chautard Appointed as Executive Sous Chef for VIE Hotel Bangkok and its VIE Wine and Grill Restaurant in Thailand / January 2012

VIE Hotel Bangkok and V Villas Hua Hin Appoints Wanida Tardivel as Director of Business Development & Strategy / May 2011

Accor's McGallery Adds Two Resorts in Thailand; 69-room Veranda High Resort Chiang Mai and 118-room Veranda Resort & Spa Hau Hin-Cha Am / March 2011

Accor Appoints its First Fiji-born Hotel Manager, Jack Work, as Hotel Manager of the Mercure Nadi in Fiji / March 2011

Accor Terminates Gilles Pélisson as CEO, Denis Hennequin to Assume Position January 2011 / November 2010

Accor Plans to Double the Number of Hotels in Latin America to 300 Following Separation of the Hospitality and Service Units / July 2010

Que Huong Liberty Building a 300-room Accor Branded Pullman Hotel in Ho Chi Minh City / June 2010

The Que Huong – Liberty Group and Accor Building a 350 room Novotel Hotel on the Site of the Metropole Hotel in Ho Chi Minh City, Vietnam / November 2009

Accor Rebranding the Former Grand Mercure La Veranda Resort and Spa to La Veranda Resort and Spa Phu Quoc, a Member of MGallery Collection of Hotels / August 2009

Accor Asia Pacific Expansion Continues with Five New Pullman Hotels in China, Thailand and Vietnam / August 2009

One of Australia’s Most Iconic Properties, Cradle Mountain Lodge, Joins Accor’s MGallery Collection / July 2009

To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch

Home | Welcome | Hospitality News
| Industry Resources

Please contact Hotel.Online with your comments and suggestions.