Consolidated Financial Statements and Notes
B.3. Acquisition of a 13-hotel portfolio
OnAugust 21, 2014, Accor’s HotelInvest division signed an agreement
for the acquisition of 13 hotels (1,194 rooms) in the United Kingdom
for €89 million (GBP71 million). The hotels concerned had been
operated by Accor since 2001 under variable leases under the
ibis and ibis
brands. The transaction was completed on
December 22, 2014.
The acquisition price has been allocated to the 13 hotels and other
assets and liabilities based on their fair values as determined by
an independent expert.
They include eight hotels that the Group expects to sell in the
first half of 2015, which has been reclassified as “Assets held for
sale”.The forecast loss on the sale, in the amount of €13 million, is
covered by a provision recorded under “Gains and losses on the
management of hotel properties”.
B.4. Acquisition of an Interest in Mama Shelter
OnNovember 13, 2014,Accor acquired a 36.6%stake in hotel company
Mama Shelter, via the acquisition of a 20.2% direct interest and a
16.4% indirect interest, for a total of €29 million. The associate is
accounted for via the equity method in the Group’s accounts for the
year ended December 31, 2014 and recorded at cost in accordance
with paragraph 10 of IAS 28.The acquisition of an interest in Mama
Shelter will enable Accor to expand its offering to include a modern
“lifestyle” brand that has a particularly well-performing and attractive
food services component.The objective is to open around 20 new
Mama Shelter hotels over the next five years.
Accor has a call option on all outstanding Mama Shelter shares,
exercisable in 2020. If Accor does not exercise this option, its
partners will also have call options on all Mama Shelter shares,
including those held by Accor.The options are not valued in Accor’s
B.5 Transfer to Orbis of the management
of Accor’s Central European operations
On October 21, 2014, Accor offered to transfer management of its
Central European operations to Orbis.
Under the terms of the agreement signed on January 7, 2015,
Orbis takes over all of Accor’s operations in the region, including in
Poland, Hungary, the Czech Republic, Slovakia, Romania, Bulgaria
and Macedonia. Its task is to develop all of Accor’s hotel banners
in the region through a master franchise agreement for all of the
Group’s brands. Orbis acquired Accor’s operating subsidiaries in
the abovementioned countries for a total of €142 million, thereby
taking control of a network of 38 existing hotels and 8 hotels
currently in the pipeline.
Orbis is 52.7%-owned by Accor and is fully consolidated.
B.6 Accor’s interest in Reef Casino in Australia
In February 2014, Accor announced the sale of its interest in
Reef Casino in Australia for AU$ 85 million (€55.5 million). The
corresponding investments in associates – including goodwill – had
therefore been reclassified as “Assets held for sale” at June 30,
2014, for a total of €36 million. The transaction was subject to
administrative approvals, whichwere not obtained.The corresponding
investments in associates – as well as the goodwill allocated to
those investments – were therefore no longer classified as “Assets
held for sale” in the December 31, 2014 accounts.
B.7. Sale of Accor’s stake in Onboard train
In 2010 and 2012, Accor sold Compagnie desWagons Lits’ onboard
rail catering businesses in France, Austria and Portugal and part of
the Italian business.The Italian Onboard DayTrain Services business
remained classified under “Assets held for sale” at December 31,
2014 (see Note 33) in view of the ongoing liquidation of the Company.
The remaining amounts involved are not material.
B.8. Other real estate transactions
To meet its strategic goals, HotelInvest is rationalizing the hotel portfolio through restructuring and disposal programs.
The main real estate transactions carried out by the Group at December 31, 2014 are as follows:
“Sale & Variable Leaseback” transactions
“Sale & Management-back” transactions
“Sale & Franchise-back” transactions and outright sales
“Sale & Variable Lease Back” transactions consisted of selling the
hotel property while continuing to manage the business, under a
variable-rent lease based on a percentage of revenue without any
guaranteed minimum. Following adoption of the HotelInvest strategy
(see Note 3 A), the practice of leasing hotels has been discontinued,
with only the transactions in progress being finalized. In addition,
negotiations are conducted with hotel owners to convert fixed-rent
leases into variable rent leases.
Registration Document 2014