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Accor
Accor Sells Sofitel the Grand Amsterdam Under a Sale and Management-Back Agreement for EUR 92 Million
May 23rd, 2008
As part of the ongoing implementation of its "asset-right" strategy, Accor announced that it has sold the Sofitel The Grand hotel in Amsterdam under a sale and management-back arrangement. The transaction is based on an enterprise value of EUR92 million. Accor sold the Sofitel The Grand for a consideration of EUR60 million (EUR330,000 per room). The buyer has agreed to finance EUR32 million in renovation work. Including the renovation costs, the total price per room comes to EUR505,000. Accor will continue to run the hotel under a 25-year management contract and retain a 40% interest in the owning company. The...
Source: Health Business Week (2008-05-23)
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