Accor’s HotelInvest business has bought 13 hotels from Tritax for €89m (£71m).
The portfolio, which includes 12 Ibis and one Ibis Budget, comprises 1,194 rooms across the UK in cities including Coventry, Plymouth and London.
The purchase will be 100% financed through debt. It will be immediately accretive to Accor’s EBIT and will also reduce off-balance-sheet debt by €39m attached to minimum lease commitments.
John Ozinga, chief operating officer at HotelInvest, said: “The purchase is an important step forward in the significant restructuring that we are leading in HotelInvest, fully aligned with our objectives, which include creating value by optimising return on capital employed, while strengthening our position as the largest owner of economy and mid-scale hotels in key European markets.”
Details of the acquisition came as Accor reported net profit of €60m for the first half of 2014, and EBIT up 17.6% on a like-for-like basis to €219m.
joanna.bourke@estatesgazette.com
