{"id":1004135832,"date":"2016-01-28T06:55:32","date_gmt":"2016-01-28T14:55:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004135832"},"modified":"2021-05-15T07:05:28","modified_gmt":"2021-05-15T15:05:28","slug":"accorhotels-to-sell-550m-european-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/accorhotels-to-sell-550m-european-portfolio\/","title":{"rendered":"AccorHotels to Sell $550M European Portfolio"},"content":{"rendered":"

By Bogdan Odagescu, Associate Editor<\/em><\/p>\n

\"ibis<\/a>

ibis Styles, an AccorHotels brand<\/p><\/div>\n

Paris<\/strong>\u2014After the recent acquisition<\/a> of three iconic brands worth $2.9 billion, AccorHotels<\/a> just announced that it is negotiating a portfolio of 85 owned and leased European hotels, 61 of which are located in France. The asset package comprises one Pullman, 19 Novotel, 13 Mercure, 35 ibis, 3 ibis Styles and 14 ibis budget hotels.<\/p>\n

The buyer is a newly created company, due to be up-and-running by mid-2016, its shares being split between Eurazeo<\/a> (70 percent) and AccorHotels (30 percent). Moreover, the new management team will include current AccorHotels employees. A third\u2014yet undisclosed\u2014institutional partner is expected to join shortly.<\/p>\n

Accor is selling the 28 hotels it owns plus all business interests of the whole package for approximately $159 million. The remaining 57 properties\u2014currently owned by Fonci\u00e8re des R\u00e9gions, Axa IM – Real Assets and Invesco\u2014are covered by purchase agreements that include a substitution clause for the buyer. Thus, they will be acquired by the new entity directly for a total of approximately $390 million.<\/p>\n

As the ownership structure changes, all properties will remain under economy and midscale AccorHotels brands. However, major developments are in the works for the 85 hotels, as the new owner will set up\u00a0a renovation budget in excess of $100 million.<\/p>\n

“This wide-reaching, innovative transaction is another key step in the transformation of HotelInvest. We are delighted to be contributing to the emergence of a major new hotel investor in the European market, which we intend to support over the long term. The deal will create value for AccorHotels, for all of the employees and entities involved in the transaction, and for the new entity, which will serve as a key partner for the Group going forward,”\u00a0John Ozinga, COO of HotelInvest (Accor\u2019s ownership and investment branch), said in prepared remarks.<\/p>\n

Image courtesy of Jacques Yves Gucia via AccorHotels Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

AccorHotels announces exclusive negotiations for the sale of 85 European hotels to a new operator. <\/p>\n","protected":false},"author":740,"featured_media":1004135834,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,16,21783,21742],"tags":[],"class_list":["post-1004135832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-international","category-investment","category-latest"],"acf":[],"yoast_head":"\nAccorHotels to Sell $550M European Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/accorhotels-to-sell-550m-european-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AccorHotels to Sell $550M European Portfolio\" \/>\n<meta property=\"og:description\" content=\"AccorHotels announces exclusive negotiations for the sale of 85 European hotels to a new operator.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/accorhotels-to-sell-550m-european-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-01-28T14:55:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T15:05:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/Ibis-Styles-Hotels.png\" \/>\n\t<meta property=\"og:image:width\" content=\"551\" \/>\n\t<meta property=\"og:image:height\" content=\"331\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Bogdan Odagescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/accorhotels-to-sell-550m-european-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/accorhotels-to-sell-550m-european-portfolio\/\",\"name\":\"AccorHotels to Sell $550M European Portfolio - 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