by Lisa A. Grimaldi | December 02, 2015

French hotel group AccorHotels ( is quietly building its real-estate holdings by buying up hotel-asset portfolios. The company this week said it has purchased three portfolios in Europe representing 29 hotels with 3,677 rooms for close to US$300 million. The first two deals are scheduled to be finalized during the first half of 2016. The transactions include a portfolio acquired from AXA Investment Managers-Real Assets, which includes 19 hotels in France, for more than US$59.2 mllion; a portfolio purchased from Invesco, comprising  six hotels in Austria, Germany, Italy and The Netherlands under the Novotel and Mercure brands, for nearly US$160 million; and a portfolio of four hotels in Spain purchased from Deutsche AWM for nearly US$80.5 million.

The two first deals are set to be finalized during the first half of 2016, and the transaction with Deutsche AWM was completed on Nov. 27. In a statement on the new acquisitions, John Ozinga, chief operating officer at HotelInvest, Accor's real-estate investment firm, said, "We are on track with our roadmap and with the completion of our three-year plan to significantly increase the group's performance."

So far in 2015, Accor has secured a total of $1 billion in hotel investments, including the acquisition of 43 hotels in France earlier this year from Foncière des Régions for nearly US$297.5 million. The  hotels have been operated under variable leases by AccorHotels since 2005 and 2007, under its budget Ibis, Novotel, Mercure, Pullman and Sofitel brands.