Accor SA, Europe's biggest hotelier, agreed to sell 57 properties in France and Switzerland for 518 million euros ($744 million) as the company pursues a strategy of running hotels rather than owning them.
The lodges will be sold to a group including French state lender Caisse des Depots et Consignations and funds run by Axa Real Estate Investment Managers, Paris-based Accor said today. The buyers will finance renovations and Accor will continue to manage the inns, which include Novotel Mercure mid-range properties and Ibis, All Seasons and Etap economy hotels.
Tuesday, December 25, 2007
Thursday, December 20, 2007
Accor Announces the Sale of 57 Hotel Properties in France and Switzerland for EUR 518 Million
As part of its real estate management strategy, Accor has announced the signature of a memorandum of understanding to sell 47 hotels in France and 10 in Switzerland to a Real Estate Consortium including Caisse des Depots et Consignations and two investment funds managed by AXA Real Estate Investment Managers (European Hotel Venture & Alternative Property Income Venture). AXA REIM is an international leader in Real Estate Investment funds with EUR42 billion under management at October 31, 2007. The Novotel, Mercure, Ibis, All Seasons and Etap Hotel properties involved in the transaction represent a total of 8,200 rooms.
Thursday, December 13, 2007
Sarkozy unveils measures to trim French bureaucracy
PARIS, Dec 12 (Reuters) - Without deep reform France will be unable to boost growth and fund its social security safety net, President Nicolas Sarkozy said on Wednesday when he unveiled measures to trim French bureaucracy.
Sarkozy told senior ministers and officials the almost 100 measures would cut the number of civil servants but those who remained would have better pay, conditions and career prospects.
France spends 1,000 billion euros ($1,500 billion) a year on its public administration, Sarkozy said. That would fall to 850 billion if France spent the same share of national wealth on running itself as Germany, its main trading partner.
"Without a reduction in the weight of our public spending, we won't be able to find the point of growth that we are missing," Sarkozy said.
Sarkozy told senior ministers and officials the almost 100 measures would cut the number of civil servants but those who remained would have better pay, conditions and career prospects.
France spends 1,000 billion euros ($1,500 billion) a year on its public administration, Sarkozy said. That would fall to 850 billion if France spent the same share of national wealth on running itself as Germany, its main trading partner.
"Without a reduction in the weight of our public spending, we won't be able to find the point of growth that we are missing," Sarkozy said.
Tuesday, December 4, 2007
Société des Immeubles de France: Transfer of SIF Real Estate Assets to MEDEA
n accordance with the Separation Agreement signed on February 19th, 2007 between METROVACESA’s main shareholders, Société des Immeubles de France and its subsidiaries will be transferring nine properties with a total value of 582 million euros (based on independent valuations at June 30th, 2007) over to MEDEA. In return for these transfers, Société des Immeubles de France and its subsidiaries will receive 85 million MEDEA shares, representing 29.8% of this company's capital once all the transfers have been carried out by the GECINA Group companies.
MEDEA is listed on the Paris stock exchange and controlled by the Sanahuja family, METROVACESA’s reference shareholder.
MEDEA is listed on the Paris stock exchange and controlled by the Sanahuja family, METROVACESA’s reference shareholder.
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