Accor, Europe's largest hotel group, has agreed to purchase two real-estate portfolios comprising a total of 97 hotels (12,838 rooms) for around €900 million.
"These transactions send a strong signal of our capability to rapidly implement the strategy of restructuring the HotelInvest portfolio," said Sébastien Bazin, Accor chairman and CEO. "They are fully aligned with our selective asset acquisition criteria: hotels located in key European cities and delivering excellent operating performance in our most profitable market segments".
The first portfolio represents 86 hotels and 11,286 rooms across Germany and the Netherlands at a total cost of €722 million. These properties have been operated since 2007 under variable-rate leases by Accor's ibis, ibis budget, Mercure and Novotel brands.
Accor has also entered into exclusive negotiations with Axa Real Estate for a second portfolio representing 11 hotels and 1,592 rooms in Switzerland. This portfolio has been operated since 2008 under variable-rent leases by Accor's ibis, ibis budget, Novotel and MGallery brands.