French hotel group Accor plans to acquire the remaining 50% in its Portuguese hotel joint venture from Portuguese property investor Amorim for an undisclosed sum. Accor added that it had also agreed to sell the Sofitel Thalassa Vilalara hotel to Amorim for EUR 25 mln. The company said the joint venture's portfolio of 29 hotels, including 18 Ibis hotels, generated sales of EUR 49 mln in 2006. Accor said it plans to open nine new hotels by 2010 to take advantage of the predicted upturn in the European hotel sector.
French hotel group Accor plans to acquire the remaining 50% in its Portuguese hotel joint venture from Portuguese property investor Amorim for an undisclosed sum. Accor added that it had also agreed to sell the Sofitel Thalassa Vilalara hotel to Amorim for EUR 25 mln. The company said the joint venture's portfolio of 29 hotels, including 18 Ibis hotels, generated sales of EUR 49 mln in 2006. Accor said it plans to open nine new hotels by 2010 to take advantage of the predicted upturn in the European hotel sector.
Separately, Accor announced it has a new five-year EUR 2 bn credit line with a group of banks on 'significantly improved' financial terms and conditions compared with the previous five-year facility it replaces.