Accor's Sofitel Paris La Defense Under a $28.7 million Sale & Management-Back Agreement
Hotel will Continue to be Operated by Accor Under a Long Term Management Contract
December 6, 2012 - As part of its asset management strategy, Accor announces the sale of the Sofitel Paris La Defense under a sale and management-back agreement, for a total value of €22m (€144,000 per room). The hotel will continue to be operated by Accor under a long-term management agreement.
The acquisition is carried out jointly by Amundi Real Estate, a leader in third-party real estate asset management, and Algonquin, a hospitality investor and asset manager, which already owns 7 hotels operated by Accor through management or franchise contracts in France and the United Kingdom.
This operation highlights once again the Group's ability to deliver its asset management strategy, in partnership with leading investors.
Accor, the world's leading hotel operator and market leader in Europe, is present in 92 countries with nearly 3,500 hotels and 440,000 rooms. Accor's broad portfolio of hotel brands - Sofitel, Pullman, MGallery, Novotel, Suite Novotel, Mercure, Adagio, Ibis, ibis Styles, ibis budget and hotelF1 - provides an extensive offer from luxury to budget. With more than 160,000 employees in Accor brand hotels worldwide, the Group offers its clients and partners nearly 45 years of know-how and expertise.
*Including 145,000 in owned, leased and managed hotels
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