Accor sells Red Roof Inns to US group, fund

0 Comments | AFP, April, 2007

PARIS (AFP) — French hotelgroup Accor on Tuesday announced the sale of its US chain Red Roof Inns to the US Citi Global Special Situations Group and the Westbridge Hospitality Fund for 1.32 billion dollars.

The transaction is part of "a strategic review of the group undertaken in 2006", Accor said in a statement.

Global Special Situations Group is a subsidiary of Citigroup Global Markets Holdings and Westbridge is a partnership between Westmont Hospitality Group and Canadian pension funds including Cadim, a subsidiary of Caisse de depot et de placement of Quebec and Regime de rentes du Mouvement Desjardins.

Westmont is a major private hotel operator and owner.

Red Roof Inns has 326 hotels with 35,238 rooms mainly on the East Coast and in the Midwest....