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Accor Agrees to Acquire $1.23 Billion of European Hotels

Accor SA agreed to buy hotels in Germany, the Netherlands and Switzerland for about 900 million euros ($1.23 billion) as part of a plan to boost the company’s real estate holdings.

The purchases will contribute to earnings before interest and tax this year, the Paris-based owner of the Sofitel and Ibis brands said in a statement today. Accor is in talks with Axa Real Estate Investment Managers to finalize the purchase of 11 hotels in Switzerland with 1,592 rooms.