Accor has sold 29 hotels with 3,354 rooms to Cologne-based Event Hotels in a sale-and-franchise-back deal. The France-based hotel group received €209mn for the 18 hotels in Germany and 11 in the Netherlands, saying the buyer will also invest €25mn in renovations. Of the 29 hotels sold, 27 were bought in June 2014 as part of the Moor Park portfolio acquisition. The two others – an Ibis Budget in Germany and a Mercure in the Netherlands – were previously owned by Accor's Hotelinvest division. The transaction is scheduled to close during the summer.