Accor to sell the Sofitel Paris Arc de Triomphe under a €69 million Sale and Management-Back agreement (France)
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Accor to sell the Sofitel Paris Arc de Triomphe under a €69 million Sale and Management-Back agreement (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 2011-08-10
As part of its ongoing asset-right strategy, Accor announces the sale of the Sofitel Arc de Triomphe in Paris, under a sale and management-back arrangement, based on an enterprise value of €69 million (€556,000 per room).
The hotel will be sold to a consortium of French private investors for €44 million. The buyer has committed to financing renovation work for an additional €25 million. The hotel will remain open while the work is being carried out.
Accor will continue to run the hotel under a long-term management agreement.
This disposal confirms the Group’s ability to pursue its current €1.2 billion1 asset management program, which includes 35 sale and management-back transactions to be carried out in the period 2011-2012, mainly concerning Sofitel and Pullman units.
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 its clients and partners nearly 45 years of know-how and expertise.
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