Covivio Hotels (ENXTPA:COVH) signed a memorandum of understanding to acquire 24 hotel operating companies from AccorInvest Group SA on June 21, 2024. The memorandum concerns the acquisition by Covivio Hotels of 24 hotel operating companies in exchange for the transfer to AccorInvest of title to 10 other hotel property companies, which will then be owned and operated by AccorInvest. The property companies transferred to AccorInvest have an agreed value of ?208 million, while the operating companies acquired by Covivio Hotels are valued at ?266 million.

Upon completion, Covivio Hotels and its partners will have consolidated ownership of 43 hotels and AccorInvest will have 16. The transaction is expected to be finalized in the final quarter of 2024.