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Provider: Reuters Investment Profile
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Provider: Thomson Reuters StreetEvents

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Accor SA Sells Two MGallery Hotels in Germany and the Netherlands for EUR 44 million-DJ

Monday, 27 Aug 2012 01:03am EDT 

Dow Jones reported that Accor SA announced the sale and variable lease back of MGallery Mondial Am Dom in Cologne for EUR 20.5 million and MGallery Convent Hotel in Amsterdam for EUR 23.5 million. The transaction includes a program of works worth EUR 12.4 million, of which EUR 7.3 million is being financed by the acquirer.. The two hotels will continue to be operated by Accor SA on a 15-year commercial lease, renewable at the Company's request, with a variable rent set at 21.5% of the annual turnover. Based on the turnover for fiscal year 2011, this rent would have been EUR 3 million. 

Company Quote

-0.2 -0.55%
11:20am EDT