Accor shuffles Asian assets01 August 2012
French group Accor has raised 110 million Euros from the sale of two Beijing Hotels and its stake in an Australian hotels trust.
Under the deals announced this week the company will sell the 305 room Novotel and 401 room Ibis hotels in Beijing under a sale and management bak contract for 54 milliion Euros.
Accor has also divested its 22 percent stake in Ascendas Australia Hospitality Fund for 56 million Euros. The fund holds seven properties, of which six are operated by Accor in Australia and New Zealand.
At the same time, Accor will acquire a 6.9 percent interest in a new partnership called A-Htrust for 32 million Euros.
The publicly listed trust will have the right of first offer to buy hotels in the Asia-Pacific which are put on sale by Accor.
The company said the new arrangement would help it accelerate expansion in Asia.