Accor Hotels has announced the sale of its Sofitel Paris Le Faubourg hotel via a Sale & Management-Back agreement.
The transaction totalled 113 million euros (769,000 euros per room), including a 13 million renovation program.
The building has been acquired by New York-based private equity group Mount Kellett Capital Management LP, a global investment firm, with $7 billion of assets under management.
The sale follows the company’s strategy of “asset management” which the hotel chain is rolling out throughout Europe.
Denis Hennequin, CEO of Accor, has assured his satisfaction with the deal, that will allow Accor to mantain one of its flaghsip buildings.
“The Sofitel Paris Le Faubourg stands as one of the most iconic hotels for the brand. I am delighted with this transaction, achieved with high quality partners, which allows us to keep a long-term visibility on the management of one of Accor’s true flagships”.
The 5-star hotel has 147 rooms and suites and is located in the heart of Paris.
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