Accor announced Monday it has agreed to restructure Mövenpick hotel’s lease portfolio through a sale and management back agreement with German private fund HR Group, resulting in a €429 million ($478.68 million) reduction of Accor’s consolidated debt.
Paris, December 16, 2019--Accor today announces it has agreed to restructure Mövenpick hotels’ lease portfolio through a sale & management back agreement with HR Group, a German private fund. This will result in a €429m reduction of Accor’s consolidated debt, predominantly related to IFRS 16 lease liabilities.
The agreement comprises 16 hotel leases located in Germany, Switzerland and the Netherlands, including 3 hotels currently in the pipeline, which will be managed by Accor under a 20-year contract.
Completion of the transaction will be subject to customary conditions, including merger control clearance.
Accor is a world-leading augmented hospitality group offering unique experiences in more than 5000 hotels and residences across 110 destinations. The Group has been acquiring hospitality expertise for more than 50 years, resulting in an unrivaled portfolio of 39 hotel brands, from luxury to economy, supported by one of the most attractive loyalty programs in the world.
ALL, Accor Live Limitless is a daily lifestyle companion that integrates rewards, services and experiences bringing value to everyday life inventing a completely new aspirational way to live limitless.
Accor is deeply committed to sustainable value creation and plays an active role in giving back to planet and community via its Planet 21 – Acting Here program and the Accor Solidarity endowment fund, which gives disadvantaged groups access to employment through professional training.
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