Accor Announces the Sale & Management Back of Six Sofitel Hotels in the U.S.PARIS Paris, in Greek mythology Paris or Alexander, in Greek mythology, son of Priam and Hecuba and brother of Hector. Because it was prophesied that he would cause the destruction of Troy, Paris was abandoned on Mt. -- Accor announces the agreement to sell a portfolio of six U.S. Sofitel hotels for $370 million to a joint venture comprised of GEM Realty Capital, Whitehall Street Global Real Estate Limited Partnership 2005 and Accor. The six hotels, totaling 1,931 rooms, are located in the major metropolitan markets of Chicago, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Miami, Minneapolis, San Francisco Bay San Francisco Bay, 50 mi (80 km) long and from 3 to 13 mi (4.8–21 km) wide, W Calif.; entered through the Golden Gate, a strait between two peninsulas. and Washington D.C. Accor will remain a 25% shareholder in the joint venture and will continue to manage the hotels under the Sofitel brand name through a 25-year contract. The transaction is in line with Accor's asset management strategy in the upper upscale segment, which is to reduce capital intensity and earnings volatility through "sale and management back" transactions. This transaction enables Accor to partner with well-known hotel real estate investors providing opportunities to expand under management contracts the Sofitel network in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . "For our customers, vendors and employees, this partnership will be a seamless transition that will allow us to significantly accelerate the presence of Sofitel throughout North America," said Georges Le Mener, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Accor North America. "And we gain not just investors, but true partners. Whitehall already has investments in many Accor hotels worldwide. Working with GEM is a first for us, but we're excited by the dynamism and creativity of the team, and their vision for the growth of our joint venture." "We are excited about the opportunity to own such a high quality portfolio of hotels in great American cities and partner with Accor, a premier international hotel management company," said Barry Malkin, senior managing partner of GEM Realty Capital. Accor North America is a division of Paris-based Accor S.A. GEM Realty Capital is a real estate investment company located in Chicago, Illinois. Whitehall Street Global Real Estate Limited Partnership 2005, a real estate investment fund, is sponsored and managed by Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. . Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. acted as financial advisor to Accor in the transaction. Proskauer Rose LLP LLP - Lower Layer Protocol acted as legal advisor to Accor in the transaction. Sofitel is one the major players in the international upscale hotel market with nearly 200 properties that bring a unique French "art de vivre" to prime locations around the world. Sofitel is now present in all of the world's major business cities (Paris, New York This article is about the New York town. For other uses, see Paris (disambiguation). Paris is a town in Oneida County, New York, USA. The population was 4,609 at the 2000 census. The town was named after an early benefactor, Colonel Isaac Paris. , London, Washington, Berlin, Tokyo, Chicago, Bangkok, Shanghai, Manila...), all the leading holiday resorts (Mauritius, Morocco, Egypt, the West Indies, Indonesia, Brazil...) and in the world's key international airports (Paris Charles de Gaulle, London Gatwick, Amsterdam, Chicago...). About Sofitel North America/Accor North America Sofitel hotels in North America also include Chicago O'Hare, Houston, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Philadelphia and Montreal, Canada. Accor North America is a division of Paris-based Accor S.A. About Accor With 168,000 people in 140 countries, Accor is the European leader and one of the world's largest groups in travel, tourism and corporate services, with two major international activities: - Hotels, with the Sofitel, Novotel, Mercure, Suitehotel, Ibis ibis (ī`bĭs), common name for wading birds with long, slender, decurved bills, found in the warmer regions of both hemispheres. The body is usually about 2 ft (61 cm) long. Most ibises nest in colonies. , Etap Hotel, Formule 1, Motel 6, Studio 6 and Red Roof Inns, representing more than 4,000 hotels and 470,000 rooms in 92 countries, as well such strategically related businesses as restaurants and food services food services Hospital services A 24/7 department in a hospital that provides for the nutritional needs of inpatients–eg, those needing special diets, preparing meals and transporting them to the floor and, through the cafeteria, the hospital staff and (with Lenotre and other leading brands), casinos and travel agencies. - Services to corporate clients and public institutions: 21 million people in 35 countries use a broad range of services (food vouchers, people care and services, incentive, loyalty programs) engineered and managed by Accor Services. About GEM Realty Capital, Inc. Founded in 1994, GEM Realty Capital, Inc. is a Chicago-based real estate investment company that invests in private-market and publicly traded real estate through two lines of business, GEM Realty Properties and GEM Realty Securities. GEM invests capital on behalf of itself and clients, including pension funds, insurance companies, financial institutions, endowments, foundations, and private clients. About Whitehall Street Global Real Estate Limited Partnership 2005 Whitehall Street Global Real Estate Limited Partnership 2005 is the most recent of the Whitehall Street Real Estate Funds, a family of opportunistic real estate funds sponsored and managed by Goldman Sachs. The Whitehall funds invest in real estate and real estate-related assets worldwide. For further information about Accor, visit www.accor.com |
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