Listed property group Foncière des Régions has announced the sale of a portfolio of 43 hotels in the French regions to HotelInvest, a subsidiary of hotel giant Accor, for a total of €281 mln.

Listed property group Foncière des Régions has announced the sale of a portfolio of 43 hotels in the French regions to HotelInvest, a subsidiary of hotel giant Accor, for a total of €281 mln.

The deal, which will be closed by the end of June 2016, is in line with the portfolio value, FdR said in a statement.

Following the transaction, the group’s hotel portfolio of nearly 300 hotels will have a value of around €3 bn.

As part of the agreement, Accor has also signed a lease extension of a further 12 years on 80 hotels, on the same rental terms. The renewal will extend the average lease term on FdR's hotel portfolio operated by Accor to 13.4 years.

'The continuation of the partnership with Accor Hotels is great news. It perfectly validates our real estate partnership model, which allows us to provide long-term support to hotel brands by providing all the real estate solutions they need to tailor their offer to their customers’ expectations and to expand in Europe,' said Dominique Ozanne, CEO Hotels & Hospitality Management of FdR.