ACCOR SELLS ZÜRICH MGALLERY

Accor recently sold the Zürich MGallery in Switzerland to a private investor (an existing Accor franchisee) for €55 million (€355,000 per room) under a sale-and-manage-back agreement. The deal includes a sale price of €32 million and a commitment from the new owner to invest €23 million in renovating the 138-room hotel once the transaction has completed. Accor will continue to operate the hotel under a long-term management agreement.

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