Rooms Rentals & Shares

Accor Acquires Two European Hotel Portfolios for $1.23 Billion

May 27, 2014 9:30 am

Skift Take

We like watching Accor’s asset-heavy strategy play out across Europe while other brands shed their real estate.

— Jason Clampet

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Accor Hotels

Sofitel Brussels. Accor Hotels

Accor SA agreed to buy hotels in Germany and the Netherlands for about 900 million euros ($1.23 billion) as part of a plan to boost the company’s real estate holdings.

The purchases will contribute to earnings before interest and tax this year, the Paris-based owner of the Sofitel and Ibis brands said in a statement today. Accor is also in exclusive talks to buy another 11 hotels in Switzerland with 1,592 rooms.

Accor opened 4,449 rooms during the first three months of this year as demand grew in all of its main markets apart from France, where a sales-tax increase hurt room rates. Europe’s biggest hotel operator last year reversed a previous plan to divest properties and set up its HotelInvest unit last year to buy properties.

Accor is buying 86 hotels with 11,286 rooms in Germany and the Netherlands from funds managed by Moor Park Capital Partners LLP, according to the statement. The company is in talks with Axa Real Estate Investment Managers to buy the group of Swiss hotels.

To contact the reporter on this story: Neil Callanan in London at ncallanan@bloomberg.net. To contact the editors responsible for this story: Andrew Blackman at ablackman@bloomberg.net. 

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