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Accor Sells Two More Hotels in Europe

News Accor, one of the biggest European hoteliers, has announced the sale of two more properties. This time these are two MGallery hotels that are sold for €44 million (US$55 million) to Internos Real Investors. The hotels sold are the 207-guestroom Mondial Am Dom Cologne hotel in Cologne, Germany, and the 148-guestroom The Convent hotel in Amsterdam.

The hotelier, which is headquartered in Courcouronnes, France, concluded leasing agreements together with sale of the hotels. Therefore, Accor will keep managing the two hotels during 15 years. It is also reported that both hotels will undergo renovation works that will require an investment of €19.7 million (US$24.6 million).

The rent of the leased properties will estimate 21.5% of the annual revenue of the two hotels. If taken into consideration the performance of these hotels in 2011, the rent for that period would have estimated €3 million (US$3.7 million). The new owner will be also responsible for some additional fees like real estate taxes, capital expenditures, insurance costs and so on.

The sale of these hotels is a part of the global asset-light strategy of the hotelier, the main aim of which is to reduce the debt of Accor of €2.2 billion (US$2.7 billion).


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