Accor Consolidates Presence in Portugal
Acquiring Local Partner's Stake in Joint Venture
JULY 5, 2007. Accor announced it is acquiring, for 69 million euros, the Amorim Group's 50% stake in the joint venture the two companies created in 1997 to develop and operate hotels in Portugal. At the same time, Accor is selling the 131-room Sofitel Thalassa Vilalara to Amorim for 25 million euros. The two transactions will have a slightly positive impact on 2007 profit before tax.
Once the transactions have been completed, Accor will be the sole owner of its hotel operations in Portugal, with a portfolio of 29 hotels (18 Ibis, 6 Mercure, 4 Novotel and 1 Sofitel representing a total of 3,093 rooms) that generated 2006 revenue of 49 million euros (excluding the Sofitel Thalassa Vilalara).
Currently Portugal's leading hotel operator, Accor wants to strengthen its position in this fragmented market. The development plan, which calls for the opening of 9 new hotels by 2010, should enable the Group to take advantage of the upturn in the hotel cycle in Europe.
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