Accor Announces €38m Sale and Franchise-Back of Seven Hotels in UK and Ireland
Accor has announced the sale and franchise-back of seven hotels (708 rooms) for €32.6 million, along with a commitment from the buyers to carry out €5.2 million worth of renovations. The move is pa...
Accor has announced the sale and franchise-back of seven hotels (708 rooms) for €32.6 million, along with a commitment from the buyers to carry out €5.2 million worth of renovations.
The move is part of the Group’s strategy to restructure the assets of HotelInvest, its hotel owner and investor business.
The transactions were carried out with two partners: Starboard Hotels for a portfolio of five ibis hotels (Birmingham Bordesley Circus, Leicester City, London Gatwick Airport, Plymouth and Sheffield City) and a joint venture between Cannock Investments and Hetherley Capital Partners for the ibis Coventry Centre and the ibis Dublin West in Ireland.
The six UK hotels were acquired by Accor last December as part of the acquisition of the Tritax portfolio.
As previously announced, three hotelF1 establishments adjacent to three of the ibis hotels in the portfolio (Liverpool City, London Thurrock and London Barking) are currently being converted into extensions of the recently acquired hotels.
John Ozinga, Chief Operating Officer of HotelInvest commented: "Through these two deals, HotelInvest is pursuing its strategy in the United Kingdom – a key market for the Group. These are important destinations served well by the ibis and ibis budget brands and we are delighted to be working with such high quality, long- term partners.”
The transaction is subject to the usual conditions and to approval by the relevant authorities.
Accor, is one of the the world’s leading hotel operator, with 480,000 rooms in 3,700 hotels across 14 brands in 92 countries.