Accor announces it has agreed to restructure Mövenpick hotels’ lease portfolio through a sale & management back agreement with HR Group, a German private fund.

This will result in a €429m reduction of Accor’s consolidated debt, predominantly related to IFRS 16 lease liabilities.

The agreement comprises 16 hotel leases located in Germany, Switzerland and the Netherlands, including 3 hotels currently in the pipeline, which will be managed by Accor under a 20-year contract.

Completion of the transaction will be subject to customary conditions, including merger control clearance.