Accor announces that HotelInvest, the Group's hotel owner and investor business, has purchased a portfolio of 13 hotels from Tritax for a total consideration of €89 million (SGD$ 147 million) in line with its stated strategy to consolidate the owned hotel base whilst strengthening its economy and midscale segments. The move cements Accor’s position as the largest owner of economy and midscale hotels in key European markets.
The portfolio consists of 12 ibis and 1 ibis budget, represents 1,194 rooms located across the UK in key regional locations: Coventry, Coventry South, Birmingham Holloway Circus, Birmingham Bordesley, Leicester City, Plymouth, Sheffield City Shude, Liverpool, Manchester Princess Street, as well as London Stratford, London Thurrock and London Barking.
As a result of the purchase 3 Accor owned F1 hotels adjacent to the properties in Liverpool, London Barking and London Thurrock will be restructured as extensions of the newly acquired ibis budget and ibis hotels. The properties have been operated under variable-rent leases by Accor since 2001, and since 2005 for Tritax, a real estate investor, on behalf of individual and private owners.
This acquisition for HotelInvest, follows an active period for the team in the UK who have also sold and franchised back two properties, Novotel Stevenage and Novotel Nottingham, to Fairview Hotels. Fairview, a key partner in the UK since 2008 now own and operate five Accor brand hotels in the country, Mercure London Bloomsbury, Mercure Letchworth Hall, ibis Stevenage and now Novotel Nottingham & Stevenage Novotel Stevenage. Fairview will be investing significantly in both the properties to ensure the consistency and quality of the Novotel Brand is maintained.