As part of the process for the contemplated sale of a majority of its HotelInvest property unit, AccorHotels has entered into discussions with potential investors, with a confirmed objective to close the operation by early summer 2017.
“The project would enable HotelInvest to initiate a new phase of dynamic growth, by consolidating its existing asset portfolio through renovations, extensions and repositioning, expanding its network through acquisitions and hotel construction, and implementing an assertive asset turnover strategy,” the company said in a statement over the summer.
To that end, the company disclosed that, as of the end of 2016, the updated Gross Asset Value of the HotelInvest owned and leased properties (excluding Orbis) is €6.6 billion—more than the €6.5 billion expected year-end value disclosed in October. The valuation was conducted by Jones Lang LaSalle, Cushman & Wakefield and BNP Paribas Real Estate.
AccorHotels’ assets rose to €7 billion in 2015 from €5.5 billion in 2013, when it set up HotelInvest to buy properties, while its earnings of €973 million in the first quarter of 2016 accounted for about 83 percent of Accor's total earnings of €1.16 billion and about 51 percent of its total EBIT in 2015.