Reuters: Private Equity: Accor to sell Motel 6 to Blackstone for $1.9 bln

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Accor to sell Motel 6 to Blackstone for $1.9 bln May 22nd 2012, 06:13 PARIS | Tue May 22, 2012 2:13am EDT PARIS May 22 (Reuters) - French hotel group Accor said it agreed to sell its U.S. budget hotel business for $1.9 billion to U.S. private equity group Blackstone. Accor said it would register an exceptional non-cash loss of 600 million euros ($766 million) linked to the early buyout of fixed-lease hotels as part of the deal. The sale will help the French company cut net debt by about 330 million euros and fixed-lease commitments by about 525 million, it said in a statement on Tuesday. The transaction is scheduled to be completed in October.

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