HomeEconomyCovivio and Accor enter into negotiations to share hotels

Covivio and Accor enter into negotiations to share hotels

The real estate company Covivio has begun exclusive negotiations with AccorInvest to share a portfolio of jointly owned hotels.

Real estate company Covivio announced on Tuesday that it had entered into exclusive negotiations with AccorInvest, Accor’s former real estate division, to share a portfolio of jointly owned hotels.

Covivio, which currently owns 54 hotels that it rents to Accor for operation, wants to buy the goodwill of 24 of them (for about 260 million euros), to operate them itself, and in exchange sell the walls of another 10 to AccorInvest (for around 210 million).

Value creation potential

It also intends to sell to AccorInvest the premises of six hotels that it owns in association with other groups (Crédit Agricole, Caisse des Dépôts or Société Générale Assurances), these joint ventures recovering the goodwill of another 19 in a financially neutral operation.

“The operation would thus allow Covivio Hotels and its partners to acquire business assets located in areas with a high tourist attraction and with significant potential for value creation,” the real estate company states in a statement.

The completion of the agreement should, according to Covivio, take place in the second half of 2024. Covivio, which has hotels in several European countries (France, Germany, Spain, Italy, etc.), does not specify where the hotels are located. that must be included in the transaction.

Author: PD with AFP
Source: BFM TV

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