Accor has sold 158 of its 270 hotel F1 budget properties in France in a sale and leaseback deal to a consortium of French investors for €272 million.

However, Accor will continue to operate the hotels, which total 12,300 rooms, under the hotelF1 brand on 12-year leases (renewable six times at Accor's option).

The rent will be a 100% variable and it will comprise 20% of total turnover. The total turnover of 2008 represents a rent of €21.3 million.

As a result of the transaction, Accor will be able to reduce its adjusted net debt this year by approximately €187 million, and €130 million of this will be added to the company's cash reserves.

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