AccorHotels continues buying binge in Europe

Accor SA said Tuesday it had acquired 29 hotels (3,677 rooms) across Europe for €284 million (US$300 million), including 19 hotels from AXA Investment Managers in France for €56 million (US$59.2 million) that have been operating under variable leases by AccorHotels brands since 2008.

The company bought a second portfolio from Invesco for €152 million (US$160.8 million), including six hotels in Germany, Italy, the Netherlands and Austria. The hotels were operated on fixed and variable leases under the Novotel and Mercure brands.

In addition, Accor bought four Novotel hotels in Spain from Deutsche AWM for €76 million (US$80.4 million).

“We are on track with our roadmap and with the completion of our three-year plan to significantly increase (the) group’s performance,” said John Ozinga, chief operating officer of AccorHotel’s HotelInvest unit.