AccorHotels buys 3 portfolios in Western Europe for €284m

Europe's largest hotel group, AccorHotels, said on Tuesday that it has bought three hotel portfolios comprising 29 hotels and 3,677 rooms in separate transactions with AXA IM, Deutsche AWM and Invesco for a total of €284 mln.

In France, the hotel group has acquired 19 assets from AXA IM - Real Assets, acting on behalf of its clients, for a total of €56 mln.

The properties offer 1,512 rooms and are operated by AccorHotels since 2008, under the Ibis budget, Ibis, Novotel and Mercure brands.

Separately, the company has bought €152 mln of hotel assets from Invesco. The package comprises six hotels offering a total of 1,347 rooms. Located in Germany (2), Italy (2), the Netherlands (1) and
Austria (1), the hotels were operated under fixed and variable leases under the Novotel and Mercure brands.

The portfolio purchased from Deutsche AWM for €76 mln comprises four Novotel hotels with 818 rooms
located in Madrid (2), Barcelona (1) and Seville (1). The latter deal was closed on November 27, with the rest due to be finalised in the first half of 2016.

The acquisitions follow Accor's purchase last month of a portfolio of 43 hotels in France from listed property group Foncière des Régions for €281 mln.

'These transactions once again demonstrate HotelInvest's expertise in dynamically managing its real estate assets,' said John Ozinga, Chief Operating Officer of HotelInvest. 'The transformation of HotelInvest is continuing at a fast pace, with close to €1 bn worh of real estate deals secured in 2015.'

HotelInvest is AccorHotel's hotel owner and investment business.