As part of the restructuring of HotelInvest’s assets, Accor has announced the sale and franchise-back of 29 hotels, 18 in Germany with a further 11 in the Netherlands.

The deal is valued at €234 million.

The selling price amounts to €209m. The buyer has committed to a €25m renovation plan.

The portfolio comprises two ibis budget, 11 ibis, 12 Mercure and four Novotel hotels.

Of the 29 hotels sold, 27 were acquired in June 2014 as part of the acquisition of the Moor Park portfolio.

The two other establishments – an ibis budget in Germany and a Mercure in the Netherlands – were previously owned by HotelInvest.

The transaction will take place before the end of the summer 2015, with German company Event Hotels, one of the group’s main franchisees, which has 15 hotels in Germany under the ibis, ibis Styles, Mercure and Pullman brands.

“By bringing the Moor Park deal to a close both quickly and in a way that offers promise over the long term, this major transaction with a top-quality partner is fresh testimony of HotelInvest’s capacity to successfully pursue its strategy,” said Sébastien Bazin, chairman, Accor.