Pullman Paris, an iconic hotel in the capital of France, changes its owner. On previous week Accor announced the sale of this object to Bouygues Immobilier, the local real estate developer. The sum of the deal estimates €77 million (US$99.3 million).
It is reported that the 617-guestroom Pullman Paris Rive Gauche will be closed in 2012. Currently the property doesn’t fit the requirements and technical standards of Accor, so the hotel in Paris will undergo renovation that will improve its operating performance. Both companies have also agreed on the fluctuating character of the earn-out mechanism, so earnings will depend on the conditions of the property’s reconstruction.
The sale of this gorgeous accommodation is a part of the global strategy of Accor. The famous hotelier is in serious debt, so its asset-light strategy is aimed at reducing it. The company plans to reduce its net debt by €2.2 billion (US$2.8 billion) within 2012-2015.