Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

The French company Accor SA, which manages hotel chains and provides a variety of services related to human resources, marketing and expense management, has reached an agreement over the acquisition of almost 100 hotels on the territory of Europe in a deal estimated to about 900 million euros (1.23 billion dollars). Accor SAs said that a total of 86 hotels located in Germany and the Netherlands and 11 situated in Switzerland are to be acquired by its HotelInvest division.

The purchase is part of the companys strategy to expand its reach in the sphere of real estate holdings. The hotels have been initially a property of Accor, which had sold them in order to free up some capital. The hotels in Germany and the Netherlands were sold by the company in 2007 to Moor Park Capital Partners in a deal that amounted to 747 million euros. The company is also buying back 11 hotels situated in Switzerland from the Axa Real Estate fund, which it initially sold in 2008.

Accor SA, which currently owns the Sofitel and Ibis brands, made an official statement today, revealing that it finds the acquisition beneficial to this years earnings before interest and tax. According to the companys statement, it is also in exclusive talks over the purchase of another 11 hotels located in Switzerland.

The takeover is considered part of a strategy, which Mr. Sebastien Bazin shared at the end of 2013. Mr. Bazin, who was a private-equity executive before taking the position of Chief Executive Officer of Accor in August 2013, split the company in two major businesses – the first one manages the 14 hotel brands of the company all over the world and the second one is focused on the hotels ownership and investments.

Accor SA added 1.41% to trade at 38.05 euros per share by 9:08 GMT, marking a one year change of +40.26%. According to the information published on the Financial Times, the 20 analysts offering 12-month price targets for Accor SA have a median target of 38.50, with a high estimate of 50.00 and a low estimate of 30.00. The median estimate represents a 10.03% increase from the last price of 34.99.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: EUR/NZD daily forecastForex Market: EUR/NZD daily forecast During yesterday’s trading session EUR/NZD traded within the range of 1.5741-1.5805 and closed at 1.5781.At 7:07 GMT today EUR/NZD was losing 0.26% for the day to trade at 1.5736. The pair touched a daily low at 1.5723 at 6:25 GMT, […]
  • Spot Gold scales fresh record high as Fed flags 3 rate cutsSpot Gold scales fresh record high as Fed flags 3 rate cuts Spot Gold registered a fresh all-time high of $2,222.91 per oz. on Thursday, as the US Dollar and Treasury yields edged lower after the Federal Reserve signaled three rate cuts before year-end.The Fed left its federal funds rate target […]
  • Gold trading outlook: futures steady after US data, stocks and dollar gainGold trading outlook: futures steady after US data, stocks and dollar gain Gold futures logged shy gains during early hours in Europe today. The precious metal was pressured lower yesterday, as the US posted robust inflation and housing data, supporting stocks and the dollar. Elsewhere, the EU agreed to expand the […]
  • NZD/USD steady after US debt-limit agreementNZD/USD steady after US debt-limit agreement New Zealand dollar traded steadily against its US rival on Thursday, as the US Congress voted to fund the federal government, put an end to the partial shutdown and raise the debt ceiling.NZD/USD touched a session low at 0.8416 during the […]
  • Natural gas trading outlook: futures lower, experts suggest more sizable gains for US inventoriesNatural gas trading outlook: futures lower, experts suggest more sizable gains for US inventories Natural gas futures were lower during early trade in Europe today. Traders expect another sizable injection for US inventories be revealed this week, while July 4 will probably allow for big gains next week as well.Front month natural gas […]
  • Forex Market: EUR/USD daily forecastForex Market: EUR/USD daily forecast During yesterday’s trading session EUR/USD traded within the range of 1.3811-1.3864 and closed at 1.3811.At 6:39 GMT today EUR/USD was gaining 0.04% for the day to trade at 1.3820. The pair touched a daily high at 1.3822 at 6:35 […]