Accor hotel group sold Novotel hotel to a real estate division of the Austrian financial group Erste Bank, under a sale & lease back contract, with a value ranging from 30 to 40 million euros, according to market information. "It is not a proper sale, it is a sell & lease back contract. This means that we first sell the hotel and then lease it," Frederik Deman, manager of Novotel's sales and marketing department told ZF. He did not specify the duration of the contract. The sale & lease back contracts entail the sale of an asset/building, allowing the seller to keep its usufruct over that asset by means of a long-term leasing contract. The seller thus makes sure it has the necessary cash to develop the company. The average duration of a sale & lease back contract is 15 to 20 years, according to information on the market.
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