Accor has sold a portfolio of 57 hotels to a consortium for €466m (£337m).

The consortium consisted of Caisse des Dépôts et Consignations and AXA Real Estate Investment Management’s European Hotel Venture and Alternative Property Income Venture investment funds.

The hotels are located in France and Switzerland and operated under the Novotel, Mercure, All Seasons, Ibis and Etap brands.

New ventures

Accor will continue to operate these hotels under a lease contract providing for a variable rent representing on average 16% of the annual turnover.

The lease duration is for an initial term of 12 years with 6 renewal options, or 84 years in total.

Axa said that the parties will also work on the possibility of developing further budget and mid-range hotels in France and Switzerland