Accor continues European buying spree

French hotel group Accor has reportedly purchased three hotel asset portfolios in Europe, representing 29 hotels with 3,677 rooms, for a total of 284-million euros. The transactions include a portfolio acquired from AXA Investment Managers - Real Assets for 56-million euros, a portfolio purchased from Invesco for 152-million euros, which comprises six hotels, and a portfolio purchased from Deutsche AWM for 76-million euros.

The two first deals are scheduled to be finalized during first-half 2016, and the transaction with Deutsche AWM was finalized on November 27.

John Ozinga, COO of HotelInvest, the investment arm of Accor, said, "The transformation of HotelInvest is continuing at a fast pace, with close to 1.0 billion euros worth of real-estate transactions secured in 2015. We are on track with our roadmap and with the completion of our three-year plan to significantly increase Group's performance."

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In October, Accor purchased a portfolio of 43 hotels with a total of 4,237 rooms from Foncière des Régions for a total of €281 million.