Accor's lease rate for each of the properties is based on an average 18% of annual revenues with no guaranteed minimum. The leases are renewable six times, for a total of 84 years. Based on 2006 revenues, variable rent would have amounted to 49.5 million euros. Moor Park will be responsible for insurance costs, property taxes and structural maintenance, which totaled 1.8 million euros in 2006.

Accor operates in 100 countries. In the transaction, Moor Park is gaining 72 hotels in Germany and 19 in the Netherlands. The hotels carry the Novotel, Mercure, Ibis and Etap brands and total approximately 12,000 rooms.

Accor, which is selling its real estate but retaining management in order to reduce earnings volatility, says it will use the proceeds to cut its net debt by 612 million euros (US$807.2 million). Previously, Accor has sold and leased back hotels in France, Belgium and the UK.