As part of its  Asset Management program, Accor sold the hotel  Mercure Warszawa Fryderyk Chopin  to Echo Investment S.A. for €31m on December 21. Located in the business center of Warsaw, this 250-room hotel will be transformed into an office building.

Furthermore, Orbis, the subsidiary of Accor in Poland, has led a  successful asset restructuring policy throughout 2011, with seven outright sales (more than 1,000 rooms) representing a total disposal amount of €45m, more than half of which in  the second half of the year. None of these hotels was flagged under an Accor brand.

All of  them, including the Mercure Chopin, were presenting operating performances and technical characteristics below the Group’s standards, and will stop operating as hotels.

In the meantime, Orbis kept refocusing on its core hotel business, with the disposal of its Car Rental and Car Fleet business (Orbis Transport), sold to Arval for €22m in December.

Overall, about €100m of assets were sold by Accor and its subsidiary in Poland in 2011