Accor has announced a sale and lease back agreement concerning the MGallery Mondial Am Dom in Cologne (207 rooms) and the MGallery Convent Hotel in Amsterdam (148 rooms). Hotel real estate investment fund Internos Real Investors, a major player in the real estate and hotel sector in Europe, has acquired the properties for €20.5m €23.5m respectively.The move is part of Accor’s asset management strategy of reducing adjusted net debt by €2.2 billion by 2015. The transaction includes a renovation programme of €12.4m, €7.3m of which will be invested by the buyer. The hotel group will continue to operate the hotels through a 15-year commercial lease agreement that will be renewable at Accor’s discretion.Turnover rent averages 21.5% of the hotels’ annual and net variable rent would have reached €3m in 2011. Insurance costs, real estate taxes and structural capital expenditures will now be paid by the new owner.