Accor Sells Zurich MGallery for $62.6 Million, Retains Management; Buyer Plans $26 M Renovation

Accor | February 19, 2015

Paris – February 19, 2015 - Accor announces the signing of a sale and management-back agreement for the Zurich MGallery with a private investor, already an Accor franchisee, for a total of €55 million (€355K per room). This amount includes the sale price of €32 million and a commitment from the buyer to carry out €23 million worth of renovations as soon as the transaction is finalized. Ideally located close to the main railway station and the old town, and offering 138 rooms and suites, the hotel will continue to be operated by Accor under a long-term management contract. The asset was part of the acquisition of a portfolio fr...