Fonci`ere des Murs Acquires 76 Accor Properties
PARIS, France, March 8, 2006. As part of its real estate management strategy, Accor is signing a memorandum of understanding to sell hotel properties to Fonci`ere des Murs.
The transaction, with a market value of EUR583 million, concerns 59 hotels and 5 Thalassotherapy institutes in France and 12 hotels in Belgium, for a total of 8,300 rooms. Accor will continue to manage the hotels under the Novotel, Mercure and Ibis names. Rent will equal on average 14% of revenues for a period of twelve years. The contract is renewable four times, for a total of 60 years.
As with the first transaction carried out in June 2005, this sale is designed to reduce earnings volatility by making use of variable leases based on a percentage of revenues with no minimum guaranteed.
With this development, Accor and Fonci`ere des Murs are building on a year-old partnership in hotel real estate management that supports both of their growth plans.
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