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The Zurich MGallery to change owner

Accor announces the signing of a sale and management-back agreement for the Zurich MGallery with a private investor.

Accor announces the signing of a sale and management-back agreement for the Zurich MGallery with aprivate investor, already an Accor franchisee, for a total of €55 million (€355K per room). This amountincludes the sale price of €32 million and a commitment from the buyer to carry out €23 million worth ofrenovations as soon as the transaction is finalized.

Ideally located close to the main railway station and the old town, and offering 138 rooms and suites, the hotel will continue to be operated by Accor under a long-term management contract. The asset was part of the acquisition of a portfolio from Axa Real Estate announced in 2014.
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