Accor Announces the Completion of the Sale of Red Roof Inn to Citi Global Special Situations Group and Westbridge for 1.313 Billion US Dollars
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Catégorie : Amérique du Nord et Antilles
Ceci est un communiqué de presse sélectionné par notre comité éditorial et publié gratuitement le mardi 11 septembre 2007
Accor today announces the completion of the sale of Red Roof
Inn (341 hotels - 36,683 rooms) to a consortium comprised of Citi's Global Special Situations Group and Westbridge Hospitality Fund, L.P. for US 1.313 billion dollars.
Following the divestment, Accor is refocusing on a single brand, Motel 6, the leading economy hotel chain in the United States. Motel 6 operates 928 hotels across North America. The chain enjoys very high brand recognition and a unique positioning, established more than 30 years ago, as offering "the best price of any national chain".
Regarding this operation, Gilles Pelisson, CEO, said: "The United States is a key market for us. With the ambition of being the world leader in economy and budget hotels, Accor plans to step up development of Motel 6 by opening more than 200 units in the United States and Canada by 2010."
The Global Special Situations Group of Citigroup Global
Markets Holdings Inc is a principal investment group that invests Citi's
capital in event-driven and special situation strategies globally.
Westbridge is a partnership between Westmont Hospitality Group and a number of Canadian pension fund managers, including Cadim Inc., a division of Caisse de depot et placement du Quebec, and Regime de rentes du Mouvement Desjardins. Westmont is one of the largest private owner/operator of hotels in the world.
Accor's financial advisor on the transaction was Bank of
America.
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