Accor sells Motel 6 budget chain to Blackstone in US$1.9bn deal
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Accor sells Motel 6 budget chain to Blackstone in US$1.9bn deal

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Image: Accor is withdrawing from Motel 6

Accor is to offload its US Economy Hotels Division - comprising the Motel 6 budget chain - to an affiliate of Blackstone Real Estate Partners VII for US$1.9bn (EUR1.5bn, £1.2bn).

The deal between the France-based hotel group and the investment firm, will also include the sale of extended-stay economy chain Studio 6 and represents a total 1,102 properties.

According to Accor, the agreement – which sees it withdraw from Motel 6 operations – will strengthen its economic model and will enable the group to reduce its net debt by around EUR330m (US$415m, £265m).

The deal is expected to be completed in October 2012, with US Economy Hotel Division becoming the latest travel and leisure industry venture pursued by Blackstone.

International attraction operator Merlin Entertainments; SeaWorld Parks and Entertainments; and UK cinema chain Cineworld are among those already within Blackstone's portfolio.

Accor chair and CEO Denis Hennequin said: "This deal will provide additional resources to address the tremendous growth potential in the Asia Pacific region, in Latin America and in Europe, where the leadership of our brands is one of the key drivers of our future growth."

Jonathan Gray, global head of real estate at Blackstone, added: " Although Motel 6 will be operated on a stand-alone basis, we plan to invest significant capital in the company's properties and to accelerate the expansion of the franchise base."

Details: www.accor.com (.pdf)

Image: Terry Ross

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Accor is to offload its US Economy Hotels Division - comprising the Motel 6 budget chain - to an affiliate of Blackstone Real Estate Partners VII for US$1.9bn (EUR1.5bn, £1.2bn).
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