Accor: to restructure Mövenpick hotels
(CercleFinance.com) - Accor announces that it has signed a deal to restructure the leased Mövenpick hotels, through a "sale & management back" agreement with the German private equity firm HR Group.
"This will result in a E429m reduction of Accor's consolidated debt, predominantly related to IFRS," the company said.
"The agreement comprises 16 hotel leases located in Germany, Switzerland and the Netherlands, including 3 hotels currently in the pipeline, which will be managed by Accor under a 20-year contract," management added.
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"This will result in a E429m reduction of Accor's consolidated debt, predominantly related to IFRS," the company said.
"The agreement comprises 16 hotel leases located in Germany, Switzerland and the Netherlands, including 3 hotels currently in the pipeline, which will be managed by Accor under a 20-year contract," management added.
Copyright (c) 2019 CercleFinance.com. All rights reserved.