The hotels group announced the sale and franchise-back of 29 hotels in Germany and the Netherlands for a total value of €234 million.

As part of the restructuring of HotelInvest's assets, Accor announces the sale and franchise-back of 29 hotels (3,354 rooms) in Germany (18 hotels, 2,167 rooms) and the Netherlands (11 hotels, 1,187 rooms) for a total value of €234 million. The selling price amounts to €209m. The buyer has committed to a €25m renovation plan.

The portfolio comprises 2 ibis budget, 11 ibis, 12 Mercure and 4 Novotel hotels. Of the 29 hotels sold, 27 were acquired in June 2014 as part of the acquisition of the Moor Park portfolio. The two other establishments - an ibis budget in Germany and a Mercure in the Netherlands - were previously owned by HotelInvest.

The transaction will take place before the end of the summer 2015, with German company Event Hotels, one of the Group's main franchisees, which has 15 hotels in Germany under the ibis, ibis Styles, Mercure and Pullman brands.

"By bringing the Moor Park deal to a close both quickly and in a way that offers promise over the long term, this major transaction with a top-quality partner is fresh testimony of HotelInvest's capacity to successfully pursue its strategy," said Sébastien Bazin, Chairman and Chief Executive Officer of Accor.

As part of the restructuring of HotelInvest's assets, the Group acquired three hotel portfolios (Moor Park, Axa and Tritax) en 2014 for a total of 980 million euro. At the same time, 48 hotels were restructured, including 30 hotels under leases and 18 hotels under direct ownership, mostly Ibis units in France and Germany. In 2015, the group hopes to restructure more than twice as many properties under direct ownership, or surpass one hundred real estate operations.

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