Accor Sells the 147-room Sofitel Paris Le Faubourg
Under $151 million Sale and Management-Back Agreement
February 20, 2013 - As part of its asset management strategy, Accor announces the sale of the Sofitel Paris Le Faubourg in Paris, under a sale and management-back agreement, for a total value of €113m (€769,000 per room), including a €13m renovation program.
Open in 1979 at the heart of Paris, a few steps away from the Champs-Elysees, the Louvre Museum and the Opera Garnier, this 147 rooms & suites flagship hotel will continue to be operated by Accor under a long-term management agreement. It will benefit from a refurbishment program representing a €13 million investment scheduled for 2014. The hotel will remain opened during the renovation works.
The buyer is Mount Kellett Capital Management LP, a global investment management firm with over $7 billion of assets under management across multiple asset classes globally.
Denis Hennequin, Accor's Chairman and CEO, said, “The Sofitel Paris Le Faubourg stands as one of the most iconic hotels for the brand. I am delighted with this transaction, achieved with high quality partners, which allows us to keep a long-term visibility on the management of one of Accor's true flagships”.
About Accor
Accor, the world's leading hotel operator and market leader in Europe, is present in 90 countries with 4,400 hotels and more than 530,000 rooms. Accor's broad portfolio of hotel brands - Sofitel, Pullman, MGallery, Novotel, Suite Novotel, Mercure, Adagio, ibis, all seasons/ibis styles, Etap Hotel/ibis budget, hotelF1 and Motel 6 - provide an extensive offer from luxury to budget. With 145,000 employees worldwide, the Group offers to its clients and partners nearly 45 years of know-how and expertise.
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