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.
