Accor said its sales to Invesco cover Pullman Paris La Défense, Novotel Muenchen City in Munich, Mercure Zabatova in Bratislava and Rome's Novotel Roma la Rustica and Mercure Corso Trieste. Invesco is paying €80 million for the La Défense asset, including the costs of a €10-million renovation program.
The four Novotel and Mercure hotels have been sold under a sale and variable leaseback agreement. Invesco is paying €17 million for Mercure Zabatova, which is currently under construction. The sales form part of Accor's strategy of reducing earnings volatility and focusing on hotel management. It will continue to operate all properties on varying contractual agreements.
In Stockholm the Paradiset 29 acquisition takes its investment in the city to around €148.5 million so far this year, following the €66-million buy of the newly constructed Courtyard by Marriott. Paradiset 29 contains 13,000 square meters of retail space and 10,300 square meters of office, and is located in west Kungsholmen.
The building was acquired for a pan-European fund which Invesco Real Estate has managed since 2000. "Paradiset further complements the fund's existing portfolio, which is extremely important during a period in the market cycle where investors are placing a real premium on such characteristics," says Bettina Knirsch, Invesco fund manager.
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