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Accor to Sell 48 Hotels in EuropeAugust 24, 2010 By: Jena Tesse Fox
French hotel company Accor agreed to sell 48 hotels in Europe for $466.7 million as part of its mission to cut debt and secure growth over the next few years.
The deal, which is due to be completed before the end of this year, will give Accor a cash boost of $356 million and will add around $3.7 million to its annual pre-tax profit from 2010, the hotel group said in a statement.
The hotels include a Novotel at Munich Airport and a 772-room Ibis at Charles de Gaulle Airport in Paris. The two buyers are insurer Predica, part of Credit Agricole, and property group Fonciere des Murs, a subsidiary of Fonciere des Regions.
The firm said it would continue to manage the 48 hotels under a 12-year variable lease, renewable six times. Average annual rent will be 19 percent of the hotels’ revenue, with a minimum guarantee for 2011 and 2012 of $29 million.