Accor has sold the Sofitel Paris Arc de Triomphe hotel for an enterprise value of €69 million, PropertyEU reports. The French hotel group sold the property to a consortium of French private investors.
The purchase price includes €44 million for the acquisition of the hotel and a commitment by the buyers to invest an additional €25 million in its renovation. Accor will continue to manage the hotel under a long-term management agreement.
Click here for the story from PropertyEU.