The real estate company Covivio announced on Friday that it had reached an agreement with AccorInvest, the former real estate division of Accor, to divide up 59 hotels of which they had until then shared ownership and operation.
Covivio, which owns and rents offices, accommodation and hotels in several European countries, wishes to strengthen its position in the hotel industry to vary its sources of income.
“The operation should be finalized in the last quarter of 2024,” indicates Covivio, which announced in November 2023 that it had entered into exclusive negotiations with AccorInvest.
It consists of “regrouping” hotels, that is to say, ensuring that they are operated and owned by the same group.
Until now, Covivio rented hotels that it owned to AccorInvest, which operated them.
The property company is committed to purchasing the business of 43 hotels (including 19 in joint venture with partners), and AccorInvest will take over ownership of 16 hotels of which it was only operator.
The value of the real estate sold by Covivio and its partners amounts to 393 million euros, details the group, "equivalent to that of the business held and operated by the companies whose securities will be acquired".
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