Accor Announces the Sale with Management Contract of the Sofitel Hotels in New York and Philadelphia.CARROLLTON, Texas Carrollton is a city in Texas, partially in Dallas County, partially in Denton County, and partially in Collin County. As of 2005, census estimates the city's total population to be 122,699.[1] Carrollton is a suburb of Dallas. -- Accor has announced the sale of two US Sofitel hotels located in 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 and Philadelphia, totaling 704 rooms, for US $255 million to a joint venture comprised of GEM Realty Capital, Inc., Whitehall Street Real Estate Fund and Accor. Created in March 2006, the joint venture already owns six US Sofitel hotels in 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. , Minneapolis, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Washington, DC. Accor will remain a 25% shareholder in the joint venture and continue to manage the hotels under the Sofitel brand name through a 25-year contract. The transaction is part of the Group's asset management strategy in the upper upscale segment, which is designed to increase the return on capital employed Return on capital employed (ROCE) Indicator of profitability of the firm's capital investments. Determined by dividing Earnings Before Interest and Taxes by (capital employed plus short-term loans minus intangible assets). and reduce earnings volatility through sale and management-back arrangements. It effectively completes Accor's transformation of its Sofitel business model for 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. , with a hotel base operated primarily under management contracts. The sale strengthens the original partnership formed between Accor and two reputable hotel real estate investment companies, which offers opportunities for developing the Sofitel network in North America through management contracts. The transaction will have a positive impact on 2007 profit before tax and will enable the Group to reduce its adjusted debt by more than [euro]150 million. "For our customers, vendors and employees, this partnership has been and will continue to 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. "We have worked together with GEM and Whitehall as true partners these last ten months and will continue our search for further growth opportunities for our joint venture." "We are truly pleased with the opportunity to expand our relationship with Accor through the acquisition of New York and Philadelphia, bringing our Sofitel portfolio to eight luxury hotels," said Barry Malkin, senior managing partner of GEM Realty Capital, Inc. Accor North America is a division of Paris-based Accor S.A. GEM Realty Capital, Inc. 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. . Sofitel North America/Accor North America Created in France in 1964, Sofitel is the prestige brand of Accor hotels with 200 upscale hotels in 53 countries, including 10 in North America. Sofitel hotels in North America include Chicago, San Francisco, Los Angeles, Washington, D.C., New York, Philadelphia, Minneapolis, Miami and Montreal, Canada. Accor North America is a division of Paris-based Accor S.A. Sofitel: 200 premium hotels around the world Because no one country or city is the same, Sofitel has made each of its 200 hotels around the world a truly unique establishment. Combining the spirit of each place with the values of modernity, refinement and absolute comfort, they are all imbued in their inimitable in·im·i·ta·ble adj. Defying imitation; matchless. [Middle English, from Latin inimit way with the French "art de vivre". Whether their setting is a great business metropolis like 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. or Tokyo, or nestling in the landscape in Indonesia, Polynesia or Brazil, each Sofitel hotel offers travellers a genuine haven of peace. So that each guest, for an overnight stay or longer, during a business trip or for a holiday, can enjoy the rich variety of these unique places in comfort and tranquillity. Accor European leader in hotels and tourism, global leader in corporate services Activities that combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) customers and business partners. , Accor operates in nearly 100 countries with 160,000 employees. It offers to its individual and corporate clients nearly 40 years of expertise in its two core businesses: - 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. , Red Roof Inn Red Roof Inn is a hotel chain in the United States. It is a chain trying catering to budget travelers, Red Roof properties are often distinguished by the large dark-red shingle roof that gave them their name. There are over 359 Red Roof locations in 48 states. , Etap Hotel, Formule 1, Studio 6 and Motel 6 brands: over 4,000 hotels and 475,000 rooms in 90 countries, as well as strategically related activities, such as Lenytre; - Services to corporate clients and public institutions: 21 million people in 35 countries benefit from Accor Services products - meal and food vouchers, people care, incentive and loyalty programs. 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 pension funds, insurance companies, financial institutions, endowments, foundations, and private clients. Contact GEM Realty Capital, Inc. Denise Olsen Managing Director 312.915.2411 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. |
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