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France’s Fonciere des Regions enters UK market in $1.2 billion hotels takeover deal

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14/05/2018

Nasdaq

French property group Fonciere des Regions made its first foray into the British market on Thursday, in a deal to buy 14 upmarket hotels from Starwood Capital for 858 million pounds ($1.2 billion).

The transaction will also see InterContinental Hotels Group sign long-term leases for 13 of those 14 hotels, with IHG subsequently rebranding and running those hotels, which are ranked as four-star and five-star venues. Fonciere des Regions said the takeover would allow it to diversify its portfolio of assets and get a foothold in the lucrative British market, where tourism numbers have risen thanks partly to a drop in sterling following Brexit.

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