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French-owned hotel group Accor has acquired 52 hotels from Dorint AG”s portfolio of 93 by subscribing a ”52m capital increase. Accor already has a 34% stake in the German company, and this latest development is a step further in the programme to reposition the Dorint Sofitel, Dorint Novotel and Mercure networks in Germany, which began in 2003.
Eight of the acquired hotels were previously operated by Dorint Sofitel, 17 by Dorint Novotel and the remaining 27 were under the Mercure brand. Over the next six months these will all be re-branded as Sofitel, Novotel and Mercure hotels.
As a result of this deal and as part of its restructuring plan, Dorint is to split the company in two: the 52 acquired properties will make up one new company, and the remaining 41 the other. In the first half of this year Accor plans to buy out the minority interests in its 52 acquired properties for ”75m, resulting in a 90% ownership of one of the new companies. Ebertz & Partner has taken over all shares of the second new company, which will continue to operate the remaining 41 Dorint hotels under the Dorint brand.
The deal awaits approval from the European competition authorities, which is expected within the next few weeks.