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.
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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