Accor sells 91 European hotels
By Helen Patenall
Accor is selling 91 hotels in Germany and the Netherlands for 863m euros (£585m, US$1.1bn).
The French hotel chain has signed a memorandum of understanding to sell 72 hotels in Germany and 19 in the Netherlands to Moor Park Real Estate.
The Novotel, Mercure, Ibis and Etap Hotel properties involved in the transaction represent a total of 12,000 rooms.
Accor will continue to operate the hotels under 12-year variable-rent leases, which are renewable six times for a total of 84 years.
As part of the agreement, a long-term development partnership will be launched to enable Accor to intensify its expansion in the respective countries. Details: www.accor.com
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Accor is selling 91 hotels in Germany and the Netherlands for 863m euros (£585m, US$1.1bn).
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