Global hospitality group Accor has purchased a portfolio of 13 Ibis-brand hotels in the UK for €89 mln.
Global hospitality group Accor has purchased a portfolio of 13 Ibis-brand hotels in the UK for €89 mln.
Accor's hotel owner and investor business, HotelInvest, acquired the portfolio from UK-based fund manager Tritax.
The transaction is in line with Accor's strategic change of direction introduced in November 2013 nine months ago when the hotel group was split into a hotel franchise arm and the asset ownership and investment business.
The latest deal, Accor said, was part of the new strategy to consolidate its 'owned hotel base' whilst strengthening its economy and midscale segments. This is in sharp contrast to its previous 'asset light' approach of divesting large portfolios to concentrate on its stable of buget to five-star brands and the franchise business.
The acquired portfolio, which includes 12 ibis and 1 ibis budget hotel, comprises 1,194 rooms located across the UK in key regional locations: Coventry, Coventry South, Birmingham Holloway Circus, Birmingham Bordesley, Leicester City, Plymouth, Sheffield City Shude, Liverpool, Manchester Princess Street, as well as London Stratford, London Thurrock and London Barking.
The acquisition follows an active period for the team in the UK which has also sold and franchised back two properties, Novotel Stevenage and Novotel Nottingham, to Fairview Hotels. Fairview, a key partner in the UK since 200, now owns and operates five Accor brand hotels in the country, Mercure London Bloomsbury, Mercure Letchworth Hall, ibis Stevenage and now Novotel Nottingham & Stevenage Novotel Stevenage.
John Ozinga, chief operating officer at HotelInvest, said: 'These transactions demonstrate Accor’s ability to act swiftly in implementing the strategy announced nine months ago. It’s an important step forward in the significant restructuring that we are leading in HotelInvest, fully aligned with our objectives which include creating value by optimising return on capital employed, while strengthening our position as the largest owner of economy and midscale hotels in key European markets.'