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Accor offloads 30 UK hotels
Monday, 12 Feb, 2007
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French hospitality giant Accor is to sell 30 hotels in the UK for 711 million euros.
The company will continue to operate the Ibis and Novotel properties representing 5,000 rooms under 12-year leases.
The deal has been struck with UK property company Land Securities and allows for a 53 million euro renovation programme.
The agreement involves a long-term development partnership which will enable Accor to step up its expansion programme in the UK.
The deal will allow Accor to reduce its net debt by 584 million euros.
by Phil Davies
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