Accor, which I could have sworn was going asset-lite not so long ago, has just bought 97 hotels (12,838 rooms) for about €900 million through its subsidiary HotelInvest. The hotels comprise two portfolios with properties in Germany (67 hotels), the Netherlands (19) and Switzerland (11). Accor has adopted the try before you buy approach, operating all of the newly-acquired hotels in each portfolio for the past six or seven years.

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