French hotel chain Accor plans to sell off around 600 hotels in the medium term as part of its plans to focus on its core hotel management business. 'Despite the global credit crunch, Accor is committed to pursuing its asset sale strategy,' the company said on Monday. It added that it will have around 77% of its hotel network operated through management, franchise agreements or variable leases after completion of the programme. The figure compares to about 55% at present.
French hotel chain Accor plans to sell off around 600 hotels in the medium term as part of its plans to focus on its core hotel management business. 'Despite the global credit crunch, Accor is committed to pursuing its asset sale strategy,' the company said on Monday. It added that it will have around 77% of its hotel network operated through management, franchise agreements or variable leases after completion of the programme. The figure compares to about 55% at present.
Since the announcement of the sale programme in early 2005, Accor has sold around 600 hotel properties for a total of EUR 4 bn. In June this year, the group completed the sale of a portfolio of 57 hotels in France and Switzerland to a consortium of French bank Caisse des Depots et Consignations and two AXA investment funds for a total of to around EUR 466 mln.
