Tourism Industry News
Accor’s New Strategy to Include Sale of 450 Hotels
02/06/2010 12:17
Accor SA is planning to sell off 450 hotels between now and 2013 as part of an ongoing portfolio restructuring.
The sales, which is expected to increase cash by €1.6 billion (US$2 billion) represents more than a quarter of the company’s 1,600 hotels. On a normalized, annual basis, the property sales will result in a reduction of revenue by €150 million-€200 million (US$183 million-US$244.1 million).
Adjusted net debt is expected to be reduced by €200 million-€300 million (US$244.2 million-US$366.3 million) a year as a result of the transactions.
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