The Accor Group and its subsidiary Accor Hotellerie Deutschland have sold 48 hotels in Germany, France and Belgium and leased them back again.

The purchasers and future landlords are insurance company Predica (Crédit Agricole) and real estate company Foncière des Murs.

The transaction is worth a total of EUR367m.

A CMS Hasche Sigle team led by partner Dr Gerd Leutner advised Accor on all aspects of the German side of the transaction and will support Accor through to closing.

This three-country cross-border transaction includes the newly opened Novotel at Munich Airport and is scheduled for completion by the end of the year.