While the big noise in restructuring has come from Anglo-Saxon companies, Accor has been quietly tucking away deals that leave it looking promisingly placed.
Rather than pursue the best price, the Accor approach has been to pursue the best deal from its point of view on a broader range of criteria.
The latest move has seen it sign a memorandum of understanding to sell 91 hotels in Germany and the Netherlands for Eu863m including Eu43m for a renovation programme.
These 12,000-plus rooms, spread across the Novotel, Mercure, Ibis and Etap brand, have been signed up on variable leases of 12 year durations but renewable six times. Accor has thus effectively secured 84 year contracts.
The buyer, Moor Park Real Estate, a German investor that includes 70 DIY stores branded Praktiker among its previous acquisitions, has signed up to receive rents based on 18% of annual revenues with no guarantees. The 2006 revenues put the annual rent at Eu49.5m.
Accor has now secured a long term strategic partner in Germany and the Netherlands to sit alongside its existing relationships in the UK, with Land Securities, and France and Belgium, with Fonciere des Murs.
As with the Land Securities deal signed last month, Moor Park has agreed to a long-term development partnership to help grow the Accor portfolio in its respective territory. And with Fonciere des Murs, Accor has already put away two deals and is working on a third.