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Accor Buys 97 Hotels in Europe

Accor announced one of biggest deals in the company’s history – the famous hotelier will purchase as many as 97 hotels in Europe for US$1.23 billion. Accor will buy two large portfolios that consist of 86 and 11 hotels respectively with the total of 12,838 guestrooms.

According to the hotelier, they and Hotellinvest were interested in portfolio right from the start because the properties are located in key European cities, and, of course, Accor couldn’t miss an opportunity to increase its presence in one of strategic markets.

The hotels in the first portfolio consisting of 86 hotels – 67 hotels in Germany and 19 hotels in the Netherlands – were already operated by Accor in accordance with leasing agreement, but had another owner. These are 29 Ibis hotels, 31 Ibis budget branded properties, 9 Novotel hotels, and 17 Mercure hotels. The total cost of the acquisition is US$983 million. Accor will buy this portfolio from two real estate funds – Moor Park Fund I and II that are owned by Moor Park Capital Partners. The second portfolio consisting of 11 hotels and 1,592 guestrooms was purchased from Axa Real Estate. All the hotels are located in Switzerland and were purchased by Accor in 2008. These hotels work under the following brands: 5 Ibis hotels, 3 Novotel hotels, 2 Ibis Budget properties, and 1 MGallery hotel.

02.06.2014

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