AccorHotels completes €504m disposal of 85 hotels
 
AccorHotels completes €504m disposal of 85 hotels
01 JULY 2016 8:36 AM

AccorHotels will continue to own 30% of the 85 assets, but ownership has been transferred to Grape Hospitality, 70% of which is owned by Eurazeo.

As part of the transformation of the HotelInvest asset base, AccorHotels announces the sale of a portfolio of 85 hotels in Europe in the Economy and Midscale segments, for a total consideration of €504 million, in accordance with the terms announced on January 27, 2016.

These hotels will now be brought together in Grape Hospitality, a dedicated hotel platform owned 70% by Eurazeo and 30% by AccorHotels. This newly created structure will be led by Frédéric Josenhans, formerly Managing Director of the Mercure and Novotel brands, assisted by a team of hotel and real-estate professionals.

The portfolio transferred to Grape Hospitality consists of one Pullman, 19 Novotel, 13 Mercure, and 35 ibis, three ibis Styles and 14 ibis budget hotels. Most of these establishments are located in France (61 hotels primarily in provincial towns and on the outskirts of conurbations), but also in Spain, Italy, Portugal, Germany, Austria, Belgium and the Netherlands. All these hotels will retain their affiliation with the AccorHotels brands through franchise contracts, and will benefit from an ambitious renovation program over the next few months.

John Ozinga, CEO of HotelInvest, said: "This operation substantially accelerates the repositioning of HotelInvest assets and appreciably boosts their profitability. We are very happy to contribute to the emergence of a sizeable new hotel investor in the European market, which will be a strategic partner for the Group's future."

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