French hotel group has sold off 30 of its UK properties for 711m.
The buyers of the chains of Ibis and Novotels which have more than 5,000 rooms between them, is Land Securities, a listed company with a market value of more than 15bn.
The Paris-based group will continue to manage the properties on 12-year variable leases.
The leases are renewable six times for a total of 84 years.
The deal also includes a 53m renovation programme for the properties which will be paid for by Land Securities.
The agreement also calls for the establishment of a long term partnership that will enable Accor to accelerate its expansion in the United Kingdom.
The money from the sale will also help Accor to cut its debts by 584m, of which 172m will be added to its cash reserves.
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