Accor plans to sell 450 hotels

French hotel giant Accor says it will sell off more than a quarter of the 1,600 hotels it owns over the next few years, as the company restructures its portfolio to focus more on managed and franchised properties.

The sale of some 450 properties is expected to raise about $2 billion in cash while reducing revenue by $183 million, to $244 million, and reducing debt by $244 million, to $366 million.

While some hotels are being sold, Accor said it also plans to expand its portfolio by 35,000 to 40,000 rooms per year after 2012 in Europe and “countries with high growth potential.”

Accor, whose portfolio has a total of 384,000 rooms in hotels that are owned, leased or under management contracts, is in the process of demerging its two core businesses, hotels and services.

Accor’s brands include the luxury Sofitel brand, Motel 6 and a variety of midscale and budget brands across Europe.  Click here for full report…