AccorHotels Finalizes Sale of 85-Hotel Portfolio in Europe for €504 Million ($561.9M)
July 1, 2016 10:26am
As part of the transformation of the HotelInvest asset base, AccorHotels announces the sale of a portfolio of 85 hotels in Europe in the Economy and Midscale segments, for a total consideration of €504 million, in accordance with the terms announced on January 27, 2016.
These hotels will now be brought together in Grape Hospitality, a dedicated hotel platform owned 70% by Eurazeo and 30% by AccorHotels.
This newly created structure will be led by Frédéric Josenhans, formerly Managing Director of the Mercure and Novotel brands, assisted by a team of hotel and real-estate professionals.
The portfolio transferred to Grape Hospitality consists of one Pullman, 19 Novotel, 13 Mercure, and 35 ibis, three ibis Styles and 14 ibis budget hotels. Most of these establishments are located in France (61 hotels primarily in provincial towns and on the outskirts of conurbations), but also in Spain, Italy, Portugal, Germany, Austria, Belgium and the Netherlands. All these hotels will retain their affiliation with the AccorHotels brands through franchise contracts, and will benefit from an ambitious renovation program over the next few months.
John Ozinga, CEO of HotelInvest, said: "This operation substantially accelerates the repositioning of HotelInvest assets and appreciably boosts their profitability. We are very happy to contribute to the emergence of a sizeable new hotel investor in the European market, which will be a strategic partner for the Group's future.
AccorHotels is a Group united by a shared passion for hospitality and driven by a shared promise to make everyone Feel Welcome. Over 180,000 women and men in 3,800 AccorHotels establishments look after thousands of guests every day in 92 countries.
AccorHotels is the world"s leading hotel operator and offers its customers, partners and employees:
- its dual expertise as a hotel operator and franchisor (HotelServices) and a hotel owner and investor (HotelInvest);
- a large portfolio of internationally renowned brands covering the full spectrum, with luxury (Sofitel, Pullman, MGallery, Grand Mercure, The Sebel), midscale (Novotel, Suite Novotel, Mercure, Mama Shelter, Adagio) economy (ibis, ibis Styles, ibis budget, adagio access and hotelF1) establishments;
- a powerful marketplace and loyalty program Le Club AccorHotels;
- almost half a century of commitment to corporate citizenship and solidarity with the PLANET 21 program.
Accor SA shares are listed on the Euronext Paris exchange (ISIN code: FR0000120404) and traded in the USA on the OTC marketplace (Code: ACRFY)
Contact: Delphine Dumonceau
+33 (0)1 45 38 84 95
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