Accor Hotels: Covivio acquires rooms

(CercleFinance.com) - Covivio announces that it has acquired - from AXA Investment Managers - Real Assets, acting on behalf of one of its clients, a 32% stake in a portfolio of 32 Accor hotels in France and Belgium for 176 million euros including fees.


The portfolio consists of 6,221 rooms that are found in strategic locations. Operated under intermediate and economy brands, these hotels have an average EBITDAR margin of over 30%.

This strategic portfolio, valued at 550 million euros, will be co-held with Caisse des Dépôts and Société Générale Assurances, which are already historical shareholders. Covivio will manage this portfolio.


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