PARIS, May 26 (Reuters) - Accor, Europe’s largest hotel group, said on Tuesday its had agreed to buy the assets of 97 hotels in Europe it was operating under variable-leases for about 900 million euros.
The deal, which covers the purchase of two hotel portfolios, will boost Accor’s 2014 earnings before interest and taxes (EBIT), the statement said.
The first portfolio, covering 86 hotels across Germany and the Netherlands, had been operated by Accor since 2007 under varable-leases. Accor bought it for 722 million euros from British real estate funds Moor Park Fund I and II.
Accor also agreed to buy a second portfolio representing 11 hotels in Switzerland from Axa Real Estate. That portfolio had been operated by Accor since 2008 under variable leases.
Reporting by Dominique Vidalon; Editing by Andrew Callus