Accor to sell 57 hotels for £373m

Accor is to sell 57 hotels for €518m (£373m) in a deal that provides expansion opportunities for the group in France and Switzerland.

The company is selling 47 hotels in France and 10 in Switzerland to financial institution Caisse des Dépots et Consignations and European property company AXA Real Estate Investment Managers.

The Novotel, Mercure, Ibis, All Seasons and Etap properties involved represent a total of 8,200 rooms.

As part of the deal the new owners will undertaken a €52m (£37.5m) renovation of the properties and pay €30m (£21.6m).

Accor will continue to operate the hotels under 12-year variable leases and with its partners and plans to launch new economy ad mid-scale hotels in the countries.

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By Chris Druce