Accor To Sell Paris Sofitel As Part Of Asset Management Program

French hotels group Accor SA (AC.FR) Friday said it will sell its Sofitel Paris Arc de Triomphe hotel for an enterprise value of EUR69 million.

MAIN FACTS:

- As part of its ongoing asset-right strategy, Accor announces the sale of the Sofitel Arc de Triomphe in Paris, under a sale and management-back arrangement, based on an enterprise value of EUR69 million, or EUR556,000 per room.

- The hotel will be sold to a consortium of French private investors for EUR44 million. The buyer has committed to financing renovation work for an additional EUR25 million. The hotel will remain open while the work is being carried out.

- Accor will continue to run the hotel under a long-term management agreement.

- This disposal confirms Accor's ability to pursue its current EUR1.2 billion asset management program, which includes 35 sale and management-back transactions to be carried out in the period 2011-2012, mainly concerning Sofitel and Pullman units.

- By Paris Bureau, Dow Jones Newswires; +331-4017-1740; ruth.bender@dowjones.com

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