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Deal with Invesco part of ‘asset right’ strategy
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Accor has sold five hotels in four European countries for just under $210 million to Invesco Real Estate, a major real estate manager in the U.S., Europe and Asia. In a statement, Paris-based Accor said the transaction reflects its ability “to continue actively pursuing its ‘asset right' strategy, even in a difficult economic environment, with the goal of reducing earnings volatility and sharpening the focus on its core competency -- hotel management.”
The deal involves these hotels:
The Novotel Muenchen City in Munich (307 rooms).
The Novotel Roma la Rustica (149 rooms) and the Mercure Corso Trieste in Rome (97 rooms).
The Mercure Zabatova in Bratislava, currently under construction (175 rooms).
The Pullman Paris La Defense (384 rooms).
Accor said the sales will allow it to reduce its adjusted net debt by $126 million in 2010, and will have a neutral impact on operating profit before tax and non-recurring items.
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