Accor to sell the Pullman Paris Bercy under a Sale and Management-Back agreement for €105 million (France)
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Accor to sell the Pullman Paris Bercy under a Sale and Management-Back agreement for €105 million (France)
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Category: Europe - France - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2011-07-07
As part of its ongoing “Asset Right” strategy, Accor announces the sale of the 396-room Pullman Bercy, in Paris, for €105 million (€265,000 per room). This price includes €9 million in renovation work at the buyer’sexpense.
Accor will continue to run the hotel under a long term management agreement.
The buyer is Host’s (Host Hotels & Resorts, Inc.) European joint venture with APG (APG Strategic Real Estate Pool N.V.) and an affiliate of GIC (GIC Real Estate Pte Ltd), the real estate investment company of the Government of Singapore. Already an owner of Accor’s managed hotels in Asia Pacific and a partner in Accor’s Indian investment fund that was created in 2010, Host confirms its position as one of Accor’s strategic partners.
Denis Hennequin, Accor’s Chairman and CEO, said, “The sale of the Pullman Bercy confirms our ability to continue actively pursuing our Asset Management program leading to sell €1.2bn in hotel property assets 1 in 2011-2012. It also highlights the growing appeal of the Pullman brand to international investors.”
About Accor
Accor, the world's leading hotel operator and market leader in Europe, is present in 90 countries with 4,200 hotels and more than 500,000 rooms. Accor's broad portfolio of hotel brands - Sofitel, Pullman, MGallery, Novotel, Suite Novotel, Mercure, Adagio, ibis, all seasons, Etap Hotel, Formule 1, hotelF1 and Motel 6, and its related activities, Thalassa sea & spa and Lenôtre - 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 knowhow and expertise.
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