International hotel group Accor is disposing of seven Suite Novotel hotels in France in a EUR 77 mln transaction, as part of its asset-light strategy.

Accor will lease back the hotels, with a total of 930 rooms, under variable-rent contracts.

The transaction will be carried out before end-2011 with a consortium of French institutional investors through a property investment fund (OPCI) managed by La Française REM. Atream will act as the asset manager.

The deal includes an EUR 8.7 mln renovation programme, of which EUR 4.7 mln will be financed by the buyer.

The Suite Novotel units included in the transaction are located in the Paris area (Issy-les-Moulineaux, Rueil-Malmaison, Vélizy, Paris Porte de la Chapelle, Roissy Charles-de-Gaulle), Lille and Cannes.

Accor will continue to manage the hotels under a variable lease agreement, with the rent averaging 23% of their annual revenue without any guaranteed minimum. Under the terms of the 12-year lease, which may be renewed six times at Accor's option, structural maintenance costs, insurance and property taxes will be paid by the new owner.

The transaction is part of Accor's asset management strategy to reduce the adjusted net debt by EUR 2.2 bn n by 2015 and focus on its core business as a hotel operator.

Accor, one of the world's leading hotel operators and market leader in Europe, is present in 90 countries with 4,200 budget to luxury hotels and more than 500,000 rooms.