• Accor sells 49 hotels

Accor has confirmed the sale of 49 hotels in France, Belgium and Germany to a consortium comprised of Predica – a subsidiary of Crédit Agricole Assurances – and Foncière des Murs, for Eu378.4m.

Accor will continue to manage the hotels through a variable lease agreement, with the rent averaging 19% of the hotels’ annual revenue without any guaranteed minimum. The agreement includes a Eu47.6m renovation program, of which Eu33m will be financed by the consortium, allowing Accor to speed up the introduction of its new-generation Etap Hotel and Ibis rooms.  

See the full release here:
http://www.accor.com/en/press.html

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