Brief: Covivio And AccorInvest Sign MoU To Consolidate Hotel Property And Operating Companies

Covivio SA

21/06/2024 06:39

June 21 (Reuters) - Covivio SA  CVO.PA :
    * COVIVIO AND ACCORINVEST SIGN A MEMORANDUM OF UNDERSTANDING
WITH
A VIEW TO CONSOLIDATING THEIR HOTEL PROPERTY AND OPERATING
COMPANIES
    * TRANSACTION IS EXPECTED TO CLOSE IN FINAL QUARTER OF 2024
    * THE AGREED VALUE OF THE PROPERTY COMPANIES TRANSFERRED TO
ACCORINVEST IS €208 MILLION
    * CONCERNS ACQUISITION BY COVIVIO HOTELS OF 24 HOTEL
OPERATING
COMPANIES ALLOWING CONSOLIDATION OF THESE HOTELS
    * BASED ON 2023 FIGURES, THE ASSETS TRANSFERRED TO
ACCORINVEST
REPRESENT ANNUAL RENTAL INCOME OF €11 MILLION
    * WHILE THE VALUE  OF THE OPERATING COMPANIES ACQUIRED BY
COVIVIO
HOTELS IS €266 MILLION
    * OPERATING COMPANIES ACQUIRED BY COVIVIO HOTELS GENERATE
EBITDA
OF AROUND €31 MILLION
    * THESE CONSOLIDATION TRANSACTIONS FOR COVIVIO HOTELS AND
THE
JOINT VENTURES REPRESENT A TOTAL OF €393 MILLION
    * MOU PROVIDES FOR ACQUISITION BY COVIVIO HOTELS AND
PARTNERS OF
19 OPERATING  COMPANIES5 FOR 2 JVS FOR TRANSFER TO ACCORINVEST
OF SIX OTHER HOTEL PROPERTY COMPANIES


Further company coverage:  CVO.PA 

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