Wednesday, August 25, 2010

Accor to Sell 48 Hotels in Europe for $465 Million

Aug. 23 (Bloomberg) -- Accor SA, Europe’s largest hotelier, said it is selling 48 hotels to units of Credit Agricole SA and Fonciere des Regions SA for 367 million euros ($465 million) as part of a plan to dispose of some real estate holdings.

Accor will continue to run the hotels, the Evry, France- based company said in a statement today. The sale consists of 31 properties in France, 10 in Belgium and seven in Germany, operated under the Novotel, Suite Novotel, Ibis and Etap brands.

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