Accor sells 49 Europe hotels for €378.4m

Accor has sold 49 hotels in France, Belgium and Germany in a leaseback agreement valued at €378.4 million.
The buyer is a joint venture between a subsidiary of Crédit Agricole Assurances and Foncière des Murs. (20%).
Accor will continue to manage the hotels through a variable lease agreement, with the rent averaging 19% of the hotels’ annual revenue, without any guaranteed minimum. Under the terms of the lease, structural maintenance costs, insurance and property taxes will be paid by the new owner.
The agreement includes a €47.6 million renovation program, of which €33 million will be financed by the buyer. The deal will help Accor speed introduction of its new-generation Etap Hotel and Ibis guestroom concepts.
The transaction is in line with Accor’s 2010 goal of selling €600 million to €650 million worth of hotel property assets as part of a broader objective of divesting €2 billion worth of assets by 2013. Accor is moving toward the asset-light strategy now preferred by most of the world’s most prominent hotel companies.