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Accor SA, Europe’s largest hotelier has said it will be selling 48 hotels to units of Credit Agricole SA and Fonciere des Regions SA for US$465 million to dispose of some real estate holdings.
Accor will continue to run the hotels, the Evry, France- based company said in a statement.
The sale consists of 31 properties in France, 10 in Belgium and seven in Germany, operated under the Novotel, Suite Novotel, Ibis and Etap brands.
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Accor is planning to dispose 450 hotels in the next three years amid a projected recovery in property values.
The sale will help the company to cut debt and will contribute about 3 million euros a year to profit before tax.
The deal includes a 47.6 million-euro renovation program, with 33 million euros to be financed by the buyers.The sale will be completed before the end of the year.
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