French hotel group Accor SA (ACRFF.PK,ACRFY.PK) said it agreed to sell its United States Economy Hotels Division to an affiliate of Blackstone Group LP's (BX) Blackstone Real Estate Partners VII, for a total value of $1.9 billion. The network includes Motel 6, the iconic North American brand, and Studio 6, an extended-stay economy chain, and comprises 1.102 hotels in the USA and in Canada.
As a result of the deal, Accor will reduce its net debt by approximately 330 million euros and its fixed-lease commitments by about 525 million euros. The group will register an exceptional non-cash loss of about 600 million euros, linked to the early buyout of fixed-lease hotels.
The deal is scheduled to be completed in October 2012.
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