ACCOR AGREED KEY
TERMS OF TAKING OVER ORBIS’ HOTEL SERVICES
BUSINESS FOR €286M,
AND BEGINS DISPOSAL OF ITS REAL ESTATE
OPERATIONS, WHOSE
GROSS ASSET VALUE (EXCLUDING CORPORATE
OVERHEADS) TOTALED
€1.18BN AT END-2018
In line with its
“asset-light” strategy, and as presented at Capital Market Day on
November 27, 2018,
Accor announced today that it has made material progress in the
disposal process of
Orbis’ real estate assets. The Group currently holds an 85.8% stake
in the company,
which had the gross asset value of its portfolio revalued by an
independent expert.
The valuation, based on Orbis’ results at December 31, 2018, came
to €1.18 billion,
not including the entity’s corporate overheads, which represent
around
€11 million per
year.
Following Orbis’
decision to separate its hotel services business (franchise
agreements and
management
contracts) and its real estate assets, Accor agreed with Orbis key
terms of
the planned
acquisition of the services business for 1.2 billion zlotys (€286
million). The
transaction will
have no impact on the Group’s EBITDA or net debt, since Orbis is
fully
consolidated in its
financial statements.
Through the
transaction, the Group will take over the franchise agreements and
management contracts
on its 136 hotels in Central Europe. In particular, this will allow
the Group to:
facilitate
relationships with investor partners;
simplify the
disposal process for real estate assets by disposing its stake in
Orbis,
since the
transaction will turn Orbis into a pure-play asset-heavy model.
Accor has also begun
the process of disposing of its controlling stake in Orbis’ share
capital, and intends
to approach selected entities in connection therewith. In light of
these
developments, Accor
will recognize Orbis’ real estate business as an asset held for
sale,
in line with IFRS 5,
starting from the publication of its financial statements for
first-half
2019. The Group will
issue pro forma financial statements for 2018 shortly to reflect
these
adjustments.
Accor is a
world-leading augmented hospitality group offering unique and
meaningful
experiences in 4,800
hotels, resorts, and residences across more than 100 countries. With
an
unrivalled portfolio
of brands from luxury to economy, Accor has been providing
hospitality
savoir-faire for
more than 50 years.
Beyond
accommodations, Accor enables new ways to live, work, and play with
Food & Beverage,
nightlife,
wellbeing, and co-working brands. To drive business performance,
Accor’s portfolio of
business
accelerators amplifies hospitality distribution, operations, and
experiences. Guests
have access to one
of the world’s most attractive hotel loyalty programs.
Accor is deeply
committed to sustainable value creation, and plays an active role in
giving back
to planet and
community. Planet 21 – Acting Here endeavors to act for “positive
hospitality”,
while Accor
Solidarity, the endowment fund, empowers disadvantaged people through
professional
training and access to employment.
Accor SA is publicly
listed on the Euronext Paris Stock Exchange (ISIN code: FR0000120404)
and on the OTC
Market (Ticker: ACRFY) in the United States.
For more information
visit accor.com. Or become a fan and follow us on Twitter and
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