Accor deploys HotelInvest’s strategy with the purchase of 97 hotels in Europe
Besides, Accor has entered into exclusive negotiations with Axa Real Estate for a second portfolio representing 11 hotels and 1,592 rooms in Switzerland. This portfolio has been operated by Accor since 2008 under variable-rent leases and the following brands: ibis (5 hotels), ibis budget (2 hotels), Novotel (3 hotels) and MGallery (1 hotel).
Both acquisitions will be accretive to Accor's EBIT in 2014. Based on pro forma 2013 figures, the relative contribution of owned hotels to HotelInvest's net operating income1 will increase by around fourteen points to 68%. One of the key objectives for HotelInvest, the leading hotel investor in Europe, is to raise this proportion to more than 75% over the medium term.
Completion of the acquisitions is subject to the usual conditions for this type of transaction, as well as to regulatory approval.