Covivo, AccordInvest enter into negotiations in €470m deal
Covivio, a diversified European real estate operator, has entered into exclusive negotiations with AccorInvest to consolidate their jointly held hotel properties and business assets.
Through its subsidiary Covivio Hotels Covivio owns 54 hotels that are leased to AccorInvest under long-term variable rent leases based on revenues. AccorInvest owns the business assets for these hotels and has signed long-term management contracts with the Accor Group.
The consolidation operation would take the form of an exchange of business assets, currently held by AccorInvest, for hotel premises owned by Covivio Hotels. Following this transaction, Covivio Hotels would own 24 hotel operating properties and AccorInvest would own 10. The agreed value of the properties transferred to AccorInvest represents around €210 million ($225 million), while that of the business assets acquired by Covivio Hotels is around €260 million ($279 million). Based on 2022 figures, the assets transferred