Accor sells French, Swiss hotels for $750m

The French hotel group Accor said Thursday it had sold 57 hotels in France and Switzerland to a consortium of financial groups for 518 million euros ($750m).

The sale includes 47 hotels in France under the Novotel, Mercure, Ibis, All Seasons and Etap Hotel brands, along with 10 in Switzerland.

The consortium includes the Caisse des Depots and Consignations, a state-run financial group, and two investment funds operated by AXA REIM, the property unit of French insurance giant AXA.

Under the deal, Accor will continue to manage the hotels for an initial period of 12 years. It is part of a wider restructuring plan at the hotel group based on the sale of some 350 hotels to raise 1.9 billion euros by 2008. (AFP)