Accor to Sell 91 Hotels in Germany, Netherlands

Accor has signed an agreement with Moor Park Real Estate to sell a portfolio of 91 hotels in Germany and the Netherlands for $1.1 billion.

Under terms of the agreement, Accor will continue to operate the hotels, which include 72 properties in Germany and another 19 in the Netherlands. The hotels are operated under Accor’s Novotel, Mercure, Ibis and Etap hotel brands.

Accor said the sale would reduce the hotel chain’s net debt by $802 million, while adding more than $200 million to its cash reserves.

The Moor Park deal follows a similar sale in February when Accor signed a $921 million agreement to sell a portfolio of 30 hotels in the U.K. operated under its Ibis and Novotel brands to Land Securities, a company that owns properties in England, Scotland and Northern Ireland.

Also in February, Accor sold its stake in Go Voyages, a French online travel distributor, for $364 million. Accor said the sales are part of its effort to refocus the company’s operations on its core hotel brands, which also include Sofitel, Mercure, Suitehotel, Red Roof Inn, Etap Hotel, Formule 1 and Motel 6.