
The Court of Rio de Janeiro has confirmed the right for Accor to exercise its preemption right to purchase the building of the Sofitel Rio de Janeiro Copacabana, for an amount of 184 million Brazilian Reals, i.e. about €75m.
A guarantee deposit corresponding to this amount has been made to Brazilian authorities. This deposit is currently paying an average 8% interest rate, until the acquisition is completed.Considered as one of the most prestigious hotels in Rio de Janeiro, the Sofitel Rio de Janeiro Copacabana has 388 rooms and suites. It is located on the famous Copacabana beach, and represents an emblematic flagship for Accor’s presence on the Brazilian market, a key area of growth for the Group. Once the transaction is completed, this asset is to be refinanced through a sale & management back contract, Accor reiterates its target of an 80% asset-light portfolio by 2015.

