27. August 2012 
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Accor sells two MGallery hotels in Germany and The Netherlands
As part of its asset management strategy, Accor announces a sale and lease back agreement concerning the MGallery Mondial Am Dom in Cologne (207 rooms) for € 20.5m and the MGallery Convent Hotel in Amsterdam (148 rooms) for € 23.5m. The transaction includes a renovation program of € 12.4m, € 7.3m of which will be invested by the buyer, the hotel real estate investment fund of Internos Real Investors.
Both hotels will remain operated by Accor through a 15 year commercial lease agreement that will be renewable at Accor’s option. The turnover rent averages 21.5% of the annual revenue of the hotels. Based on 2011 revenue, the net variable rent would have reached € 3m last year. Insurance costs, real estate taxes and structural capital expenditures will now be paid by the new owner.
Both hotels will remain operated by Accor through a 15 year commercial lease agreement that will be renewable at Accor’s option. The turnover rent averages 21.5% of the annual revenue of the hotels. Based on 2011 revenue, the net variable rent would have reached € 3m last year. Insurance costs, real estate taxes and structural capital expenditures will now be paid by the new owner.
