The property company Covivio announced on Monday 2 December the finalisation of the transaction carried out with AccorInvest, the former real estate division of Accor, in order to share 59 hotels, the ownership and operation of which they shared, for a total exchange value of nearly 800 million euros.
This operation, announced in November 2023, consists of "remembering" hotels, that is to say ensuring that they are owned and operated by the same group.
Covivio previously owned 54 hotels which it leased to the Accor hotel group, the latter ensuring their operation.
In a press release published on Monday, Covivio announced "the finalization of the process of consolidation of the ownership of the walls and business assets of hotels held jointly with AccorInvest". "At the end of this transaction, Covivio holds full ownership of 43 hotels located in France, Belgium and Germany, and sells to AccorInvest 16 hotels located in the same territories", adds the property company.
The "total exchange value" amounts to "nearly 800 million euros", it is specified.
The transaction with AccorInvest "allows Covivio to strengthen its hotel presence in areas with strong tourist appeal and benefiting from significant value creation potential through repositioning and management optimization work", the property company highlights.
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