AccorInvest completed the asset swap with Covivio Hotels in a €800m deal.

AccorInvest, a hotel chain investor, completed the asset swap with Covivio Hotels, a European real estate operator, in a €800m deal. AccorInvest acquired 16 hotel properties from Covivio Hotels in return for the sale of 43 hotel operations to Covivio Hotels. "This project to consolidate the business and property assets of high-potential hotels is a unique opportunity to accelerate the value-creating asset management of our hotel portfolio. By leveraging our real estate and hotel expertise, we aim to reposition some of these hotels to meet changing customer expectations and increase their profitability," Tugdual Millet, Covivio CEO.