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Accor buys South American hotel portfolio
Accor has purchased 15 hotels across Brazil, Argentina and Chile from Mexican company Grupo Posadas, along with 14 management contracts and the Caesar Park and Caesar Business brands.
The French hotel group has paid a total of $275 million for the acquisition, which it says will reinforce its Sofitel, Pullman, Novotel and Mercure brands in the region.
Accor says the acquisition “gathers high quality hotels, including a true flagship with an exceptional luxury hotel on Ipanema beach [Rio de Janeairo]”.
In a bid to “reinforce its leadership in emerging markets, through selective acquisitions”, Accor also recently acquired Mirvac Hotels and Resorts, a portfolio of 43 properties across Australia and New Zealand (see online news December 20, 2011).
In May the group also announced the sale of its interest in the Motel 6 and Studio 6 brands to Blackstone for $1.9 billion (see online news May 22). At the time Accor said that the sale would “provide Accor with additional resources to address the tremendous growth potential in the Asia Pacific region, in Latin America and in Europe, where the leadership of our brands is one of the key drivers of our future growth”.
For more information visit accor.com.
Report by Mark Caswell