Sale of the Sofitel Paris Le Faubourg under a €113m Sale & Management-Back agreement

PR Newswire/Les Echos/ 
Press release
Paris, February 18 2013 
Sale of the Sofitel Paris Le Faubourg under a EUR113m Sale & Management-Back
agreement 
As part of its asset management strategy, Accor announces the sale of the
Sofitel Paris Le Faubourg in Paris, under a sale and management-back agreement,
for a total value of EUR113m (EUR769,000 per room), including a EUR13m
renovation program. 
Open in 1979 at the heart of Paris, a few steps away from the Champs-Elysées,
the Louvre Museum and the Opéra Garnier, this 147 rooms & suites flagship hotel
will continue to be operated by Accor under a long-term management agreement. It
will benefit from a refurbishment program representing a EUR13 million
investment scheduled for 2014. The hotel will remain opened during the
renovation works. 
The buyer is Mount Kellett Capital Management LP, a global investment management
firm with over $7 billion of assets under management across multiple asset
classes globally. 
Denis Hennequin, Accor's Chairman and CEO, said, "The Sofitel Paris Le Faubourg
stands as one of the most iconic hotels for the brand. I am delighted with this
transaction, achieved with high quality partners, which aiows us to keep a
long-term visibility on the management of one of Accor's true fla gships". 
Accor, the world's leading hotel operator and market leader in Europe, is
present in 92 countries with nearly 3,500 hotels and 440,000 rooms. Accor's
broad portfolio of hotel brands - Sofitel, Pullman, MGallery, Novotel, Suite
Novotel, Mercure, Adagio, ibis, ibis Styles, ibis budget and hotelF1 - provides
an extensive offer from luxury to budget. With more than 160,000 employees in
Accor brand hotels worldwide, the Group offers its clients and partners 45 years
of know-how and expertise. 
MEDIA CONTACTS    
        
Agnès Caradec                                      Elodie Woillez
Senior Vice President, Corporate                   Phone: +33 (0)1 45 38 87 08
Communications and External Relations
Phone: +33 (0)1 45 38 87 52 
INVESTOR AND ANALYST CONTACTS 
Sébastien Valentin                                Léa Ledermann   
Vice President, Investor Relations                Investor Relations
and Financial Communication                       Phone: +33 (0)1 45 38 86 36
Phone: +33 (0)1 45 38 86 25 
                  
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-0- Feb/19/2013 07:26 GMT
 
 
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