AccorInvest and Covivio asset swap perfect
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The asset swap
Last week, French property company Covivio and AccorInvest, originally the real estate arm of Accor, announced they have entered into exclusive negotiations to reorganize a jointly owned portfolio of hotels – without requiring new financing. The advantage: "78% of AccorInvest's portfolio will come from fully owned establishments," said Gilles Clavié, CEO of AccorInvest, comparing to 70'% today.
A close-knit network
Paris. The French capital city is the centre of the European hotel industry in more ways than one. Not only is it the location of the continent's biggest chain, Accor, but it is also the headquarter of Europe's biggest publicly quoted hotel owner: Covivio Hotels' portfolio added up to 325 hotels and 45,242 rooms at the end of last year, operated by 16 different groups. Now the French REIT plans to expand to other European countries.
Big but fragile
Paris. In the last two weeks, we have reported on the activities of two major Paris-based hotel owners, Extendam and publicly quoted Covivio. However, Luxembourg-based AccorInvest, the former property arm of Accor, has by far the biggest portfolio in Europe and probably the world, with 782 owned or leased hotels located in 27 countries, totaling more than 121,338 rooms. The exclusive agreement with Accor brands expires in December. From 2023, other chain franchisors could thus also fly their flag on AccorInvest properties.