Accor has announced the sale of the Pullman Paris Rive Gauche (617 rooms) to Bouygues Immobilier for €77 million, in line with its asset-right strategy. The hotel, whose operating performance and technical standards fall below Group requirements, will shut down in 2012. The contract also includes an earn-out mechanism, whose amount will depend on the terms and conditions of the reconstruction project.
Since 2009, Pullman has grown its network in western Paris, first by taking over the Pullman Paris Tour Eiffel (460 rooms) and then the Pullman Paris Montparnasse (953 rooms) in January 2011. With the Pullman Paris Bercy and the Pullman Paris La Défense, the brand will have four hotels (2,200 rooms) that have strategic locations in Paris.
This new transaction confirms the Group’s ability to continue to actively manage its assets, in line with its asset-management strategy of reducing adjusted net debt by €2.2 billion by 2015.