10 Mar 2006
Accor signs MoU with Foncière
French hotel chain Accor has signed a £400m (580m euro, US$695m) memorandum of understanding to sell 59 hotels and five Thalassotherapy institutes in France as well as 12 hotels in Belgium to Foncière des Murs – a total sale of 8,000 rooms.
Accor will continue to manage the hotels under the Novotel, Mercure and Ibis names.
Rent will equal on average 14 per cent of revenues for 12 years and the contract is renewable four times, for a total of 60 years.
This move will build on the companies’ year-old partnership in hotel real estate management.
Accor has also announced the sale of its remaining 1.42 per cent stake in Compass Group.
The stake of nearly 31million shares was sold in March for around £66m (96m euro, US$114m). Details: www.accor.com or www.compassgroup.com
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