AccorHotels finalizes sale of 85 Europe hotels to new franchised operator

Novotel

In January, AccorHotels announced plans to sell a portfolio of 85 economy and midscale hotels in Europe for a total consideration of €504 million. Today, the deal is done.

These hotels will now be brought together in Grape Hospitality, a dedicated hotel platform owned 70 percent by Eurazeo and 30 percent by AccorHotels. This newly created structure will be led by Frédéric Josenhans, formerly managing director of the Mercure and Novotel brands.

The portfolio transferred to Grape Hospitality consists of one Pullman, 19 Novotel, 13 Mercure, and 35 ibis, three ibis Styles and 14 ibis budget hotels. Most of these properties are located in France (61 hotels primarily in provincial towns and on the outskirts of conurbations), but also in Spain, Italy, Portugal, Germany, Austria, Belgium and the Netherlands. All these hotels will retain their affiliation with the AccorHotels brands through franchise contracts.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Suggested Articles

The new Minister of Tourism for the Republic of Cyprus has key insights into the island's growing appeal.

The Venetian Macao, The Parisian Macao and The Londoner Hotel will all become InterContinental Alliance Resorts.

Millennial and Gen Z travel decisions are colored by influencers and innovation and today’s hoteliers are wrangling both in pursuit of future business.