AccorHotels has entered into negotiations to sell 85 budget and midscale hotels in Europe to a new franchise partner.
All of the owned and leased hotels included in the transaction will maintain their AccorHotels brand via long-term franchise agreements.
The property portfolio includes one Pullman, 19 Novotel, 13 Mercure, 35 Ibis, three ibis Styles and 14 ibis budget hotels.
The majority are in France, with nine in Spain and a few spread across other European countries.
They will all be renovated within 36 months of the transaction being finalised.
The entity’s management team will be partially made up of AccorHotels employees who are leaving the Group to join the new franchisee, which will be 70% owned by Eurazeo and 30% by AccorHotels.
Accor said an additional institutional investor may join the entity soon. The transacton will be the subject of a consultation procedure with employee representatives.
