Tourism Industry News
Accor’s New Strategy to Include Sale of 450 Hotels
Accor SA is planning to sell off 450 hotels between now and 2013 as part of an ongoing portfolio restructuring.
The sales, which is expected to increase cash by €1.6 billion (US$2 billion) represents more than a quarter of the company’s 1,600 hotels. On a normalized, annual basis, the property sales will result in a reduction of revenue by €150 million-€200 million (US$183 million-US$244.1 million).
Adjusted net debt is expected to be reduced by €200 million-€300 million (US$244.2 million-US$366.3 million) a year as a result of the transactions.
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