Hotel Online
News for the Hospitality Executive


Accor Sells its Stake in Mirvac Wholesale Fund and the Novotel/ibis Sanyuan
in Beijing to A-HTRUST for $134.8 Million

Accor Partners with Ascendas to Create A-HTRUST, a Publicly Listed Hotel
Investment Trust in the Asia-Pacific Region, with a 6.9% Stake

Paris – July 31, 2012 -  As part of its asset-management strategy, Accor announces today the sale to A-HTRUST of two separate entities:
  • The 21.9% stake in Ascendas Australia Hospitality Fund, formerly known as Mirvac Wholesale Fund, that holds 7 properties, out of which 6 are operated by Accor in Australia and New- Zealand, sold for €56m ($68.7m). The purpose of sale had been announced with the Mirvac acquisition.
  • The Novotel (305 rooms) and ibis (401 rooms) in Beijing Sanyuan, sold under a sale and management back contract(1) for a total amount of €54m ($66.3m).
Besides, in the frame of the creation of A-HTRUST, one of the largest publicly listed Hotel Investment Trusts in the Asia-Pacific region, Accor takes a 6.9% stake in the new entity for an investment of €32m ($39.3m). As agreed with Ascendas, who will hold up to 35% of A-HTRUST, Accor will be granted a right of first offer to manage future acquisitions when the hotels are not operated under a pre-existing management contract. In return, A-HTRUST will benefit from a right of first offer to purchase hotel properties put on sale by Accor in the Asia-Pacific region (excluding Australia and India).

“This operation highlights once again our capability to attract leading investors”, said Denis Hennequin, Accor’s Chairman and Chief Executive Officer. “After the successful acquisition of Mirvac in Australia & New-Zealand, we consolidate our presence in the Asia-Pacific region with an extremely well established partner, through an investment vehicle that will allow us to speed up both our expansion, but also our assetmanagement policy in the region”.

(1) The sale of the ibis Sanyuan in Beijing is subject to administrative authorizations applying in China.

About Ascendas
Ascendas is Asia’s leading provider of business space solutions with key markets in Singapore, China, India, South Korea and South East Asia (including Vietnam, Malaysia and Philippines). Based in Singapore, Ascendas has built a strong regional presence and serves a global clientele of over 2,400 customers. Ascendas specializes in developing, managing and marketing IT parks, industrial & logistics parks, business parks, science parks, hi-tech facilities, office and retail space. Its flagships include the Singapore Science Park, International Tech Park Bangalore in India, Dalian-Ascendas IT Park in China and Carmelray Industrial Park II in the Philippines. Ascendas provides end-to-end real estate solutions, assisting corporate customers through the entire real estate process. In November 2002, Ascendas launched Singapore’s first business space trust, the Ascendas Real Estate Investment Trust (A-REIT). In August 2007, the Ascendas India Trust (a-iTrust) was launched as Singapore’s first listed Indian property trust. The third listed fund. In July 2012, it launched its third trust, the Ascendas Hospitality Trust (A-HTRUST). Ascendas also demonstrated its strength in real estate fund management with a series of private real estate funds established across Asia.

About Accor
Accor, the world's leading hotel operator and market leader in Europe, is present in 90 countries with more than 4,200 hotels and 500,000 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 145,000 employees worldwide, the Group offers to its clients and partners nearly 45 years of know-how and expertise.

Agnès Caradec
Senior Vice President Communications & External Relations
Phone : +33 1 45 38 87 52

Delphine Dumonceau
Phone: +33 1 45 38 84 95

Sébastien Valentin
Senior Vice President
Financial Communications & Investor Relations
Phone: +33 1 45 38 86 25

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: Accor and Hines Property to Develop the $65 Million 307-room Ibis Adelaide in Australia / July 2012

Accor Acquires the South American Hotel Portfolio of Grupo Posadas for $275 Million; Transaction Includes 15 Hotels (2,600 rooms) and a Secured Pipeline of 14 Hotels (2,000 rooms) / July 2012

Accor's Mercure Brand Debuts in Russia with the Opening of the 109-room Mercure Arbat Moscow; Owned by ARD and Operated by Accor / June 2012

Accor Enters Agreement to Sell its United States Economy Hotels Division, Motel 6 and Studio 6, to Blackstone Real Estate Partners for $1.9 billion / May 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.