Accor’s Hotel Novotel hits the market

The French owners of Midtown’s Hotel Novotel have tapped Jones Lang LaSalle to sell the property in a “strategic, targeted marketing process,” the Wall Street Journal reported. The 480-room hotel, at 226 West 52nd Street, is owned and operated by Accor SA, which also runs the Sofitel Luxury Hotels and Motel 6 chains. While New York hotel values haven’t fully recovered from the real estate crash — they’re still 10 to 15 percent off their 2007 peak, according to HVS Global Hospitality Services — Accor is looking to unload real estate assets and shift its focus to branding and management as part of a long-term strategy. As such, the Novotel’s buyer will be required to retain Accor as hotel’s manager. [WSJ]