#Accor sells budget US hotels to Blackstone for $1.9 bn
The sale of 1,102 hotels in the US and Canada has a total value of $1.9 billion and includes the Motel 6 chain and Studio 6, an extended-stay economy chain. According to Chairman and CEO Denis Hennequin, Motel 6 will remain present with luxury and upscale flagships under the Sofitel and Novotel brands. The deal will also provide Accor with resources to address the growth potential in Asia-Pacific, Latin America and Europe.
Last year, Accor said it plans to open more than 200 new properties in Asia within 3 years to cash in on the region’s increasing affluence. The sale was part of its efforts to reduce assets as well as cut debt by 330 million euros and lease commitments by 525 million euros.
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Accor is a platinum sponsor of the 4th Annual Economy Hotels World Asia 2012. Senior Executives: Mr Michael Issenberg, Chairman & Chief Operating Officer, Asia Pacific and Mr Gaurav Bhushan, Chief Development & Investment Officer, Asia Pacific will be sharing their expertise at the conference.
The 4th Annual Economy Hotels World Asia 2012 is the only dedicated economy hotel conference focusing on economy and limited services in the hospitality sectors. It will be held in Singapore from 10 – 12 September 2012. Visit our website or download our preliminary programme for more information.