Open in 1979 at the heart of Paris, a few steps away from the Champs-Elysees, the Louvre Museum and the Opera Garnier, this 147 rooms & suites flagship hotel will continue to be operated by Accor under a long-term management agreement.
As part of its asset management strategy, Accor announces the sale of the Sofitel Paris Le Faubourg in Paris, under a sale and management-back agreement, for a total value of 113m euros (769,000 euros per room), including a 13m euros renovation program.
Open in 1979 at the heart of Paris, a few steps away from the Champs-Elysees, the Louvre Museum and the Opera Garnier, this 147 rooms & suites flagship hotel will continue to be operated by Accor under a long-term management agreement. It will benefit from a refurbishment program representing a 13 million euros investment scheduled for 2014. The hotel will remain opened during the renovation works.
The buyer is Mount Kellett Capital Management LP, a global investment management firm with over $7 billion of assets under management across multiple asset classes globally.
Denis Hennequin, Accor’s Chairman and CEO, said, “The Sofitel Paris Le Faubourg stands as one of the most iconic hotels for the brand. I am delighted with this transaction, achieved with high quality partners, which allows us to keep a long-term visibility on the management of one of Accor’s true flagships”.
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