CMS, the leading European organisation of law firms, announced today at the Interna-tional Hotel Investment Forum (IHIF) in Berlin, that it has advised Accor on the sale of five hotels in four European countries for EUR 154 million.
The sale to Invesco Real Estate, the major international real estate manager who already owns more than EUR 650 million in European and US hotel properties, is part of Accor’s “asset right” strategy and involved hotels in Germany, Italy, France and Slovakia.
- The Novotel München City in Munich (307 rooms)
- The Novotel Roma la Rustica (149 rooms) and the Mercure Corso Trieste in Rome (97 rooms)
- The Mercure Zabatova in Bratislava (175 rooms, currently under construction)
- The Pullman Paris La Défense (384 rooms)
With more than 100 specialised lawyers, CMS offers one of the largest hotel dedicated legal teams in Europe, advising hotel owners and operators in 28 jurisdictions and supporting eight of Europe’s Top 10 hotel operators.
“This is another impressive demonstration of our capability to advise key players of the Euro-pean market in their cross-border transactions, regardless of which and how many jurisdictions are involved”, said Hermann Stapenhorst, Head of the CMS Hotel & Leisure Group. The legal team advising Accor on this deal involved CMS lawyers from five countries, led by hotel team partners Philippe Rosenpick of France, Marco Casasole of Italy, and Gerd Leutner of Germany.
The Mercure and Novotel hotels have been sold for EUR 74 million under a sale and leaseback agreement. They will continue to be operated by Accor under variable-rent leases. The Pullman Paris La Défense has been sold for EUR 80 million, including a EUR 10 million renovation pro-gram at the new owner’s expense and will also continue to be operated by Accor.