AXA Real Estate Investment Managers is acquiring a €132.9 million portfolio of French and Belgian hotels on behalf of an institutional company joint venture, Property Magazine International reports. The properties are operated by hotel group Accor According to the agreement, the investment vehicle of AXA Group along with Caisse des Dépôts and Sogecap, will buy the portfolio of six hotels from Foncière des Murs. The transaction is likely to be completed before the end of 2011.
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