AccorInvest just acquired four hotel assets representing a total of 661 rooms in France, Spain, Portugal and Belgium.
A few days after the takeover by Covivio of part of Accor's portfolio owned by Axa, the French group's real estate division strengthened its presence in four capitals in Western Europe:
- Novotel Paris Centre Gare Montparnasse (199 rooms),
- Sofitel Lisboa Liberdade (163 rooms)
- Pullman Madrid Airport Feria (179 rooms)
- Mercure Brussels Airport (120 rooms)
The assets were acquired from Crédit Agricole Assurances and Amundi Immobilier. The properties will be renovated to gain in added value prior to being put back into operation.
The investor explains the reasons for these latest acquisitions:
This operation is part of our strategy to acquire the premises of the hotels we operate in Europe's main capitals and thus fully benefit from the value creation we deliver through hotel operations and our ambitious renovation programs," explains Arnaud Beaulieu, AccorInvest's Investment Director. In addition to a selective renovation policy, AccorInvest is pursuing an active acquisition strategy and is seeking to strengthen its position in Europe in the economy and mid-range segments.
This development strategy is largely backed by investors that newly entered into the capital AccorInvest when Accor sold 57.8% of its capital in May 2018.