Accor Modifies Portfolio: Selling 450 Hotels in 2010-2013

As a result of the upcoming demerger with their prepaid services business and in an effort to increase cash and reduced its net debt, the French hotel company, ACCOR plans to reduce its property holdings by selling 450 of their 1,600 hotels between 2010 and 2013. ACCOR is acting as a pure hotel and is now focused on developing the brand. This “sale program” will aid them in their concurrent expansion plan to open 35,000 to 40,000 new rooms a year until 2015 and end up with 1,800 hotels or around 220,000 rooms in European and Asian countries with high-growth potential. http://tinyurl.com/2dlvd6z