Last updated: 12:59 PM ET, Wed December 02 2015

AccorHotels Acquires Three European Hotel Portfolios for $300M

Hotel & Resort | Patrick Clarke | December 02, 2015

AccorHotels Acquires Three European Hotel Portfolios for $300M

Photo courtesy of Thinkstock

French hotel group AccorHotels has announced the purchase of three hotel asset portfolios in Europe comprising nearly 3,700 rooms across 29 hotels.

The $300 million transaction, which was made under the group's hotel owner and investor business HotelInvest, includes hotels located in France, Germany, Italy, Netherlands, Austria and Spain.

A portfolio acquired from AXA Investment Managers in France includes 19 hotels that have been operating under variable leases by AccorHotels brands since 2008.

The portfolio acquired from Invesco features six properties located in Germany, Italy, the Netherlands and Austria that were being operated under either fixed or variable leases under AccorHotels' Novotel and Mercure midscale brands. This portfolio was the most expensive one of the three, with the group spending roughly $162 million.

Lastly, a portfolio of four Novotel hotels located in Madrid, Barcelona and Seville, Spain was purchased from Deutsche AWM. The aforementioned properties operated under fixed leases prior to the sale.

The transaction with Deutsche AWM was finalized last month. However the other two portfolio acquisitions are slated to be finalized during the first half of 2016 and are pending approval of usual conditions, including substitution clauses for the buyer, AccorHotels said.

"Following the recent acquisition of 43 hotels from Fonciere des Regions, these transactions once again demonstrate HotelInvest's expertise in dynamically managing its real estate assets," said HotelInvest's chief operating officer John Ozinga in a statement. "The transformation of HotelInvest is continuing at a fast pace, with close to €1 billion (approx. $ 1.06 billion) worth of real-estate transactions secured in 2015."

"We are on track with our roadmap and with the completion of our three-year plan to significantly increase the group's performance."

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