{"id":1004147447,"date":"2016-07-05T10:33:53","date_gmt":"2016-07-05T18:33:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004147447"},"modified":"2021-05-15T07:05:25","modified_gmt":"2021-05-15T15:05:25","slug":"accorhotels-completes-550m-european-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/accorhotels-completes-550m-european-sale\/","title":{"rendered":"AccorHotels Completes $550M European Sale"},"content":{"rendered":"

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

\"ibis<\/a>

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

Paris<\/strong>\u2014Following last year\u2019s $2.9 billion acquisition<\/a> of the Fairmont, Raffles and Swiss\u00f4tel brands, AccorHotels Group<\/a> continues its reconfiguration streak with the disposition of 85 European hotels in a $550 million transaction.<\/p>\n

The buyer\u2014newly created Grape Hospitality<\/a>, will be spearheaded by Frederic Josenhans, former director of the Novotel and Mercure flags. Grape Hospitality is a hotel platform owned by Eurazeo (70 percent) and AccorHotels (30 percent).<\/p>\n

As previously reported by Commercial Property Executive<\/em><\/a>, the sale includes 85 owned and leased properties, mostly economy and mid-scale, out of which 61 are located in France. The rest are spread over the continent, in Spain, Portugal, Italy, Germany, Austria and Belgium. The portfolio includes one Pullman, 19 Novotel, 13 Mercure, 35 ibis, 3 ibis Styles and 14 ibis budget hotels.<\/p>\n

As first announced in January, Accor sold the 28 hotels it owned plus all interests in the whole portfolio. The remaining properties\u2014previously 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. These assets have been acquired by the new entity directly for roughly $390 million.<\/p>\n

The 85 hotels will keep their respective flags according to long-term franchise agreements, with all properties subject to renovations planned to begin in the near future.<\/p>\n

“This operation substantially accelerates the repositioning of HotelInvest assets and appreciably boosts their profitability. We are very happy to contribute to the emergence of a sizeable new hotel investor in the European market, which will be a strategic partner for the Group’s future,\u201d John Ozinga, general director of HotelInvest (Accor\u2019s ownership and investment branch), said in a prepared statement.<\/p>\n

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

The portfolio bought by Grape Hospitality includes 85 properties, mostly economy and mid-scale, of which 61 are located in France.<\/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-1004147447","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 Completes $550M European Sale - 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-completes-550m-european-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AccorHotels Completes $550M European Sale\" \/>\n<meta property=\"og:description\" content=\"The portfolio bought by Grape Hospitality includes 85 properties, mostly economy and mid-scale, of which 61 are located in France.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/accorhotels-completes-550m-european-sale\/\" \/>\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=\"2016-07-05T18:33:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T15:05:25+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-completes-550m-european-sale\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/accorhotels-completes-550m-european-sale\/\",\"name\":\"AccorHotels Completes $550M European Sale - 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