>Accor To Dispose Of 450 Hotels In 2010-2013

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>PARIS (Dow Jones)–French hotels group Accor SA (AC.FR) plans to reduce the property holdings it holds outright by selling 450 hotels between 2010 and 2013, and expects to continue to restructure its property portfolio beyond 2013, according to a document published on its website Tuesday.

The company is in the process of separating from its vouchers business, which is scheduled to be listed on the Paris stock market on July 2.

The split remains subject to shareholder approval at the annual meeting on June 29.

Accor said the 2010-2013 asset sale program is expected to increase its cash by EUR1.6 billion and reduce its adjusted net debt by EUR2.0 billion

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