Proskauer Guides Accor in $211M Sale of NYC Hotel

Law360, New York (February 10, 2012, 1:32 PM EST) -- Accor SA has sold a New York City property for €160 million ($211 million) to a joint venture between real estate companies Chartres Lodging Group LLC and Apollo Global Real Estate Management LP, the European hotel operator said Friday.

Accor said it entered into a sale and management-back agreement, in which Chartres and Apollo committed €89 million towards a complete renovation of the Novotel Times Square property as part of the sales price. Accor will continue operating the hotel under a long-term management agreement that can...
To view the full article, register now.