10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
    • CSR and Sustainability
    • Events
    • Hotel Openings
    • Hotel Operations
    • Human Resources
    • Innovation
    • Market Trends
    • Marketing
    • Mergers & Acquisitions
    • Regulatory and Legal Affairs
    • Revenue Management
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
    • 🇫🇷 French
    • 🇩🇪 German
    • 🇮🇹 Italian
    • 🇪🇸 Spain
  • 📰 Columns
  • About us
10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
    • CSR and Sustainability
    • Events
    • Hotel Openings
    • Hotel Operations
    • Human Resources
    • Innovation
    • Market Trends
    • Marketing
    • Mergers & Acquisitions
    • Regulatory and Legal Affairs
    • Revenue Management
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
    • 🇫🇷 French
    • 🇩🇪 German
    • 🇮🇹 Italian
    • 🇪🇸 Spain
  • 📰 Columns
  • About us

Covivio and AccorInvest agree to asset exchange deal

  • HOTELSMag.com
  • 24 June 2024
  • 2 minute read
Total
0
Shares
0
0
0

This article was written by HotelsMag. Click here to read the original article

 Covivio has inked an agreement with AccorInvest to exchange €393 million ($420 million) worth of real estate assets to consolidate the ownership of jointly-owned properties and assets.

The deal is expected to close in the fourth quarter.

Through its subsidiary Covivio Hotels, Covivio owns 54 hotels which are let to AccorInvest under long-term rent leases based on revenues. AccorInvest owns and operates the operating companies of these hotels and has signed long-term management contracts with the Accor Group.

In November 2023, the two Paris-based companies had entered into negotiations to consolidate their hotels and business assets. In a release, Covivio had said that the deal would enable Covivio Hotels and its partners to acquire assets in major tourist spots with “considerable potential for value creation through repositioning and management optimization.”

Covivio and AccorInvest have signed a memorandum of understanding to consolidate the ownership of jointly-owned properties and assets.

The memorandum concerns the acquisition of 24 hotel operating companies, which will be owned and operated by Covivio Hotels in exchange for the transfer of title to 10 more hotel property companies to Accor Invest. These 10 companies will be owned and operated by AccorInvest.

The travel industry payment gap
Trending
The travel industry payment gap

“The agreement will contribute to Covivio’s development in the hotel sector and gives us the opportunity to draw on the full range of our real estate and hotel expertise. By repositioning a large part of the portfolio, we intend to strengthen our ability to act directly on its performance, thereby leveraging significant growth potential,” Tugdual Millet, CEO Hotels, Covivio said in a statement.

The value of the companies which will be transferred to AccorInvest is €208 million ($222.38 million), while the value of the operating companies acquired by Covivio Hotels is €266 million ($84.39 million). The assets transferred to AccorInvest will generate a yearly rental income of €11 million ($11.76 million), while the operating companies acquired by Covivio Hotels will generate EBITDA of nearly €31 million ($33.14 million).

Some of the hotels acquired under Covivio Hotels will continue to operate under Accor brands, while the rest will be rebranded.

Covivio Hotels is also the indirect owner and asset manager of 60 more properties leased to AccorInvest and held through two joint ventures created in 2010 and 2014 respectively (one 80% owned by Crédit Agricole Assurances and 20% by Covivio Hotels, and the other owned by Caisse des Dépôts et Consignations, Société Générale Assurances and Covivio Hotels).

The memorandum enables the acquisition by Covivio Hotels and its partners of 19 operating groups for the two joint ventures in exchange for the transfer to AccorInvest of six other companies, which will be owned by AccorInvest.

Once the consolidation transaction is completed, Covivio Hotels and its partners will have ownership of 43 hotels and AccorInvest 16.

Please click here to access the full original article.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
You should like too
View Post
  • Categorizing...

Protests and Politics Prompt Global Travelers to Rethink US Trips

  • Automatic
  • 8 September 2025
View Post
  • Categorizing...

WEBINAR: 2025 Guest Engagement Study: How to Win the Customer

  • Automatic
  • 8 September 2025
View Post
  • Categorizing...

La Bahia Hotel & Spa Debuts in Santa Cruz, CA

  • Automatic
  • 8 September 2025
View Post
  • Categorizing...

The Printing House Nashville, Tapestry Collection By Hilton Is Now Open

  • Automatic
  • 8 September 2025
View Post
  • Categorizing...

New hotel tech, same chaos: What usually goes wrong?

  • Kristina Liebute
  • 8 September 2025
View Post
  • Categorizing...

Royalton Riviera Cancun to Debut a Reimagined All-Inclusive Experience with Royalton Hotels & Resorts

  • Automatic
  • 8 September 2025
View Post
  • Categorizing...

The Hoxton Celebrates 20 Years with Reimagined Interiors in Shoreditch

  • Automatic
  • 8 September 2025
View Post
  • Categorizing...

G6 Hospitality and OYO US’s Parent Rebrands as PRISM

  • LODGING Staff
  • 8 September 2025
Sponsored Posts
  • 2025 SOCIETIES Quaterly 3

    View Post
  • The Future of Revenue Management Is Strategic Leadership – LodgIQ

    View Post
  • Case Study: Refinery Hotel Redefines Revenue Management with LodgIQ

    View Post
Latest Posts
  • Protests and Politics Prompt Global Travelers to Rethink US Trips
    • 8 September 2025
  • WEBINAR: 2025 Guest Engagement Study: How to Win the Customer
    • 8 September 2025
  • La Bahia Hotel & Spa Debuts in Santa Cruz, CA
    • 8 September 2025
  • The Printing House Nashville, Tapestry Collection By Hilton Is Now Open
    • 8 September 2025
  • New hotel tech, same chaos: What usually goes wrong?
    • 8 September 2025
Sponsors
  • 2025 SOCIETIES Quaterly 3
  • The Future of Revenue Management Is Strategic Leadership – LodgIQ
  • Case Study: Refinery Hotel Redefines Revenue Management with LodgIQ
Contact informations

contact@10minutes.news

Advertise with us
Contact Marjolaine to learn more: marjolaine@wearepragmatik.com
Press release
pr@10minutes.news
10 Minutes News for Hoteliers 10 Minutes News for Hoteliers
  • Top News
  • Posts
  • 🎙️ Podcast
  • 👉 Sign-up
  • 🌎 Languages
  • 📰 Columns
  • About us
Discover the best of international hotel news. Categorized, and sign-up to the newsletter

Input your search keywords and press Enter.