The real estate firm announced the sale of an 11-property portfolio to the Accor group for 219 million Swiss francs, or close to 180 million euros.
In keeping with its new investment-geared strategy through HoltelInvest, Accor is taking new control over 11 of its hotels in Switzerland. Axa Real Estate announced the sale of the portfolio to the French operator for 219 million Swiss francs, or close to 180 million euros.
All the 11 properties have been operated by the Accor group since 2008 through leasing contracts, under the brands ibis (5 hotels), ibis Budget (2 hotels), Novotel (3 hotels) and MGallery (1 hotel). The portfolio had been bought in 2008 by Axa Real Estate, which then launched a renovations and development program to support the hotels' results.
"This transaction demonstrates our capacity to turn our experience to profit in the hotel industry in order to identify opportunities that create value for our clients," declared Pierre Vaquier, CEO of Axa Real Estate.
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