Accor gains 52 hotels in Germany
Hotel giant Accor has acquired complete control of 52 hotels operated by German hotel group Dorint AG.
Accor previously owned a 34% stake in Dorint, which has retained 41 hotels in a separate company.
The French chain subscribed a €52 million capital increase to take control of the hotels, eight of which were previously operated under the Dorint Sofitel brand, 17 under the Dorint Novotel brand and 27 under the Mercure brand.
In the first half of 2007, the properties will be rebranded as Sofitel, Novotel and Mercure units respectively.
During the same time period, Accor will buy out the minority interests for €75 million and gain a 90% stake in the new company.
Meanwhile, Ebertz & Partner has acquired all shares of the other company, which will operate 41 Dorint hotels under the Dorint brand.
The transaction is subject to the approval of European competition authorities, which is expected within the next few weeks.
A statement by Accor said the transaction is being carried out at time when the German economic environment is favorable and the hotel industry is showing a very clear improvement.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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