PARIS Accor and Colony, which have joined together in a newly formed American investment fund, have acquired the 764-room Nikko Hotel here, from JAL Hotels Co.
Accor will hold 40% and Colony, a private investment fund based in the USA, will hold 60% of the capital in the new company. Additionally, Accor has obtained a long-term management contract for the hotel, which will operate as a Nikko for the duration of 2001. In 2002, plans call for the hotel to undergo a complete refurbishment, at which time it will become the flagship Novotel property. (3/29/01)