Accor is to sell five of its European hotels - representing more than 1,100 rooms - in a deal worth €154m (£135.8m).

The transaction, being handled by Invesco Real Estate, will see the disposal of the Novotel Muenchen City in Munich, Germany; the Novotel Roma la Rustica and the Mercure Corso Trieste, both in Rome, Italy; the Mercure Zabatova, currently under construction in Bratislava, Slovakia; and the Pullman Paris La Defense in Paris, France. The Novotel and Mercure hotels have been sold under a sale and variable leaseback agreement for €74m (£65.25m), of which €17m (£15m) is for the Mercure Zabatova. They will continue to be operated by Accor under a 15-year variable-rent lease that can be renewed at Accor's initiative.

The Pullman Paris La Defense has been sold for €80m (£70.5m), including a €10m (£8.8m) renovation program at the owner's expense. The hotel will continue to be operated by Accor under a 12-year management contract that can be renewed six times. The transaction enables Accor to reduce adjusted net debt by €93m (£82m) in 2010 and will have a neutral impact on operating profit before tax and non-recurring items.