Accor sells five hotels

This week Accor has sold five hotels to Invesco Real Estate for a total of €154 million; this transaction will enable the company to reduce its adjusted net debt by €93 million over 2010. The 307 Novotel Muenchen City in Munich, Germany; the 149-room Novotel Roma la Rustica in Rome, Italy; and the 97-room Mercure Corso Trieste, also in Rome, were sold under a sale and variable leaseback agreement for a combined €57 million. The 175-room Mercure Zabatova in Bratislava, Slovakia, which is still under construction, was also sold under a sale and variable leaseback agreement for €17 million. And the 384-room Pullman Paris La Défense in Paris, France, was sold for €80 million. All of the hotels will still be operated by Accor.