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Moorfield Real Estate Fund awards hotel contract to Accor

Moorfield Real Estate Fund (MREF) is pleased to announce the decision to award the 20 year management contract of 23 MREF owned hotels to Accor Hotels (Accor).  MREF bought the 23 properties from Macdonald Hotels (Macdonald) in January this year from which time Macdonald has continued to operate the hotels under an interim short-term management agreement.

Accor already has 97 hotels with a total of 14,111 rooms in the UK, comprising 2 Sofitel, 30 Novotel, 2 Mercure, 47 Ibis, 6 Etap Hotel and 10 Formule 1.  Accor will manage the 23 MREF owned hotels through the Mercure brand which is Accor's midscale and upper midscale brand for hotels with an individual style. Mercure is Europe's third-largest hotel chain with 723 properties in 49 countries.

The MREF hotels are located across the UK and provide a total of 2,236 rooms with conference and leisure facilities.  The portfolio is characterised by the quality of each of the hotels and their locations.

Gilles Pelisson, Chief Executive Officer of Accor commented:

"Each Mercure hotel is unique and nurtures its hospitality expertise, to provide customers with a personalized stay and experience.  As a springboard for Mercure's development in the United Kingdom, the 23 new hotels will support the chain's commitment to delivering comfortable lodging, a warm welcome, and the outstanding hospitality that has made the brand's reputation in its 49 host countries."

Accor will manage the following hotels:

Albrighton Hall, Shrewsbury

Ardoe House, Aberdeen

Brandon Hall, Coventry

Burford Bridge, Dorking

Castle, Windsor

Dunkenhalgh, Blackburn

Eastgate, Oxford

Francis, Bath

Holland House, Cardiff

Last Drop Village, Bolton

Norton Grange, Rochdale

Parkside, Milton Keynes

Queens, Cheltenham

Shakespeare, Stratford-Upon-Avon

Southgate, Exeter

St Paul’s, Sheffield

Thames Lodge, Staines

The Bush, Farnham

The Lodge, Cardiff

Wessex, Winchester

Whatley Hall, Banbury

White Hart, Salisbury

White Horse, Dorking

Marc Gilbard, Chief Executive of Moorfield Group said:

"We are delighted to have formed this partnership with Accor and we look forward to optimising the operational and asset potential of these hotels together.  Accor is clearly a first class international operator and their skills combined with Moorfield Group's asset and financial capabilities should ensure a successful future for all concerned."

Berwin Leighton Paisner LLP were legal advisors to Moorfield Real Estate Fund and RSM Robson Rhodes LLP were tax advisors.

Addleshaw Goddard were legal advisors to Accor.

 


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