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Article: Accor Announces a Major Real Estate Transaction in the Budget Segment in France, With the Sale of 158 hotelF1 Properties for EUR272 Million.
- Article from:
- PR Newswire
- Article date:
- September 22, 2009
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PARIS, September 22 /PRNewswire-FirstCall/ -- In line with its ongoing asset-right strategy, Accor today announced a major real estate transaction in the Budget segment in France, with the sale of 158 hotelF1 properties, representing a total of 12,300 rooms.
Accor pioneered the low-cost hotel concept in France, opening the first Formule 1 hotel in 1984 and introducing particularly innovative construction and management techniques. Formule 1, renamed hotelF1 in 2007, is the entry-level hotel brand of Accor Group in France with an average room rate of around EUR33.
Following the sale, Accor will continue to operate the 158 hotels under the hotelF1 brand, ...