French property management company Covivio announced on Friday the signing of a memorandum of understanding with AccorInvest, the real estate arm of the Accor group, for the exchange of real estate assets.

Covivio Hotels is to acquire 24 business assets from AccorInvest, for a total value of 266 million euros, in return for the sale of 10 hotels, representing 208 million euros, Covivio announced in a press release.

The transaction should be finalized in the last quarter of 2024, the group added.

(Written by Alban Kacher, edited by Blandine Hénault)