As part of its ongoing “Asset Right” strategy, Accor announces the sale of the 396-room Pullman Bercy, in Paris, for €105 million (€265,000 per room). This price
includes €9 million in renovation work at the buyer’sexpense.
Accor will continue to run the hotel under a long term management agreement. The buyer is Host’s (Host Hotels & Resorts, Inc.) European joint venture with APG (APG Strategic Real Estate Pool N.V.) and an affiliate of GIC (GIC Real Estate Pte Ltd), the real estate investment company of the Government of Singapore. Already an owner of Accor’s managed hotels in Asia Pacific and a partner in Accor’s Indian investment fund that was created in 2010, Host confirms its position as one of Accor’s strategic partners.
Denis Hennequin, Accor’s Chairman and CEO, said, “The sale of the Pullman Bercy confirms our ability to continue actively pursuing our Asset Management program leading to sell €1.2bn in hotel property assets in 2011-2012. It also highlights the growing appeal of the Pullman brand to international investors.
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