As part of its ongoing asset-right strategy, Accor has confirmed it will sell the Sofitel Arc de Triomphe in Paris under a sale and management-back arrangement.
The property – which will go to a consortium of French private investors – is valued at €69 million (€556,000 per room).
The buyer has committed to financing renovation work for an additional €25 million.
The hotel will remain open while the work is being carried out.
Accor will continue to run the hotel under a long-term management agreement.
This disposal confirms the Group’s ability to pursue its current €1.2 billion asset management program, which includes 35 sale and management-back transactions to be carried out in the period 2011-2012, mainly concerning Sofitel and Pullman units.
Accor, the world’s leading hotel operator and market leader in Europe, is present in 90 countries with 4,200 hotels and more than 500,000 rooms,
Also in Europe today, City.Mobi is celebrating the success of its new guide to Paris.
City.Mobi offers the most comprehensive mobile travel guides available, with over 800 cities in 200 countries listed. Each is developed by the City.Mobi team to combine into a single global travel directory.
Paris.Mobi is the latest in this illustrious line up, offering click to call functionality – which means no scribbling down telephone numbers.
Most entries are also linked to websites where users can quickly access more detailed information if needed.
Other key features include information on accommodation, restaurants, attractions, entertainment, nightlife, shopping, and transport.
City.Mobi guides include user reviews and traveller utilities such as a translation guide, currency converter, news and local weather guide.