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Covivio: memorandum of understanding signed with AccorInvest

( - Covivio announces that it has signed a memorandum of understanding with AccorInvest for the reorganisation of the ownership of jointly-owned hotel properties, which should be finalised in Q4 2024.

The memorandum covers the acquisition by Covivio Hotels of 24 properties in return for the transfer to AccorInvest of the properties of 10 other hotels, which will then be owned by AccorInvest.

Covivio Hotels and its partners will also acquire 19 business assets for two joint ventures (with Crédit Agricole Assurance and CDC), in exchange for the transfer to AccorInvest of the operating facilities of six other hotels.

All in all, the value of the hotel properties sold by Covivio Hotels and its partners amounts to E393m, equivalent to the value of the business assets owned and operated by the companies whose shares will be acquired.

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