Accor Sells $135M In Real Estate Assets To New JV

Law360, New York (July 30, 2012, 3:45 PM EDT) -- French hotel giant Accor SA has sold two Chinese properties and its stake in a real estate fund for €110 million ($134.5 million) to a new Asian-Pacific joint venture led by Ascendas Pte. Ltd., in which Accor will take a minority stake, the company announced Monday.

In two separate transactions, the new hotel investment trust, dubbed A-HTRUST, has picked up Beijing-based Novotel- and Ibis-branded hotels for €54 million and Accor’s 21.9 percent stake in a fund that covers seven hotel properties in Australia and New Zealand...
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