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Accor Announces Acquisition of South American Hotel PortfolioJuly 16, 2012 By: Newswire
Accor recently announced that it has consolidated its leadership in Latin America with the acquisition of the South American hotel portfolio of Grupo Posadas.
This transaction, in line with the external growth strategy of the group, includes 2,600 rooms (15 hotels) and a secured pipeline of 2,000 rooms (14 hotels).
The acquisition of this hotel portfolio of Grupo Posadas, a Mexican hotel company, is fully in line with Accor’s ambitious development strategy launched last September, which includes notably Accor’s ability to reinforce its leadership in emerging markets, through selective acquisitions. That follows the Mirvac acquisition in Australia and New Zealand, closed on May 22.
The total amount paid by Accor for this acquisition is $275 million. The transaction includes 15 hotels, which included four owned hotels, four variable leased hotels and seven hotels under management contract. These hotels are located in such key cities as São Paulo and Rio de Janeiro, Brazil, Buenos Aires, Argentina and Santiago, Chile. In fact, 11 of these 15 hotels are located in Brazil. The acquisition of this portfolio will reinforce the brands operated in the region: Sofitel, Pullman, Novotel and Mercure. The transaction also includes a secured pipeline of 14 hotels under management contract and the acquisition of two brands operated by Grupo Posadas in South America: Caesar Park and Caesar Business. With this transaction, the Group’s network in Brazil will reach 164 hotels and 26,200 rooms.
Completion of the deal should occur by the end of 2012. The real estate component of this hotel portfolio will be managed according to Accor’s asset management policy.