Hotel Online
News for the Hospitality Executive


Accor Acquires Mirvac Hotels & Resorts, a Management Company of
48 Hotels in Australia and New Zealand

The $254 Million Acquisition Includes a 21.9% Stake in the Mirvac Wholesale Hotel
Fund with Ownership of 7 of the Hotels

December 16, 2011 - Accor, a leader in Asia-Pacific, strengthens its position in Australia and New Zealand with the acquisition of Mirvac, a hotel management company. The acquisition of Mirvac is fully in line with Accor’s ambitious development strategy announced last September, which includes a target of 40,000 room openings each year in 2012 and 2013, mostly in an asset-light capacity. This operation also demonstrates Accor’s ability to secure its leadership in mature markets, through selective acquisitions. With this transaction, the Group’s network in Australia and New Zealand will reach 241 hotels and 32,500 rooms, covering the spectrum of hotel segments and resulting in a strong presence in each.

“This operation is a major success in a high growth market. With our growth strategy which includes both organic growth and targeted acquisitions such as this one, enabled by our excellent financial situation, I am confident in our capacity to reach our objectives”, said Denis Hennequin, Chairman and Chief Executive Officer. “With an accelerated growth of our offer, stronger brands, unique operational know-how and a dynamic asset management policy, Accor is today aligned with its ambition to become the global reference in the hotel industry”.

The total amount paid by Accor for this acquisition is €195 million and includes:
  • Mirvac Hotels & Resorts, a management company of 48 hotels (inc. 2 owned hotels), representing 6,100 rooms, for €149 million
  • A 21.9% stake in the Mirvac Wholesale Hotel Fund (MWHF), an investment vehicle with ownership of 7 of the hotels, for €46 million. Accor and Ascendas, the Singapore real estate developer, are to acquire together Mirvac’s 49.2% stake in MWHF.
The 48 hotels are located mainly in Australia, in key cities such as Sydney, Melbourne, Brisbane and Perth. Four of the hotels are located in New Zealand. The majority of the portfolio will be integrated into Accor’s upscale and midscale brands: Sofitel, Pullman, MGallery, Novotel and Mercure.

Completion of the deal should occur during the first half of 2012, notably after regulatory approvals. The real estate component of the deal will be managed according to the Accor’s asset management policy.

“This agreement is an important step for Accor in Australia & New Zealand, 20 years after our debut in these countries. It offers strong synergies with our existing businesses and further enhances our already leading position”, said Michael Issenberg, Chief Operating Officer Asia Pacific. “At a regional level, along with our pipeline of over 200 hotels committed in Asia Pacific, it demonstrates our continued ability to develop our position in this key region for the Group”.

Following this operation, Accor’s portfolio for the Asia-Pacific region will consist of more than 500 hotels and about 96.000 rooms.

Accor, the world's leading hotel operator and market leader in Europe, is present in 90 countries with 4,200 hotels and more than 500,000 rooms. Accor's broad portfolio of hotel brands - Sofitel, Pullman, MGallery, Novotel, Suite Novotel, Mercure, Adagio, ibis, all seasons/ibis styles, Etap Hotel/ibis budget, hotelF1 and Motel 6 - provide an extensive offer from luxury to budget. With 145,000 employees worldwide, the Group offers to its clients and partners nearly 45 years of know-how and expertise.

About Mirvac
Mirvac is a top 50 ASX listed company and leading Australian real estate investment trust with AU$7.8bn with activities across the investment and development spectrums.

Mirvac operates two core divisions, Investment and Development. Investments actively manage a high quality portfolio of office, retail and industrial assets, leased to leading Australian and international companies. The Development Divison, which delivers innovative and quality commercial and residential developments, is underpinned by the strength of Mirvac's brand, established over 39 years in the Australian development and construction industry

About Ascendas
Ascendas is Asia’s leading provider of business space solutions with a managed asset portfolio exceeding S$11billion comprising 50 million square feet of space in key markets in Singapore, China, India, South Korea and South East Asia

Agnès Caradec
Senior Vice President Communications & External Relations
Phone: +33 1 45 38 87

Elodie Woillez
Phone: +33 1 45 38 87 08

Evan Lewis
Vice President Communications
Accor Asia Pacific
Phone: +65 64080 8840

Sébastien Valentin
Senior Vice President Financial Communications & Investor Relations
Phone: +33 1 45 38 86 25

Olivia Hublot
Investor Relations
Phone: +33 1 45 38 87 06

Receive Your Hospitality Industry Headlines via Email for Free! Subscribe Here

To Learn More About Your News Being Published on Hotel-Online Inquire Here
Also See: Accor Sells its 52.6% Stake in Hotel Formula 1 Hotels in South Africa to Southern Sun Hotels / December 2011

Accor Appoints Cédric Gobilliard as Senior Vice President Global Sales / November 2011

Ayers Rock Resort in Australia Selects Accor to Compliment Day to Day Operation of the Resort Managed by Voyages Indigenous Tourism Australia; Accor to Focus on Opening up New Markets and Boosting Career Opportunities for Indigenous Australians / November 2011

Accor Appoints Xavier Louyot Vice President Global Marketing, Pullman Brand / October 2011

Japanese Company, Iwaskai Sangyo, Chooses Accor to Manage its 281-room Capricorn Resort in Yeppoon, Queensland, Australia; Will Become Mercure Capricorn Resort Yeppoon / October 2011

Accor Signs Franchise Agreement with Jupiter Hotels Ltd. in a Landmark UK Hotel Industry Deal Resulting in the Addition of 24 Hotels to Accor's Mercure UK Network / October 2011

Accor Chosen to Manage the Newly Named Hotel Lighter Quay, Formerly the Hotel Viaduct Harbour, in Auckland, New Zealand / September 2011

Accor Makes Several Management Appointments as Part of New Operational Strategy / September 2011

Accor Launches New Operational Strategy with Major Changes Focused on Brands / September 2011

Two Accor Hotels in Australia, The Mercure Sydney and The Menzies, Introduce Optimum Service Standards for Indian Guests / August 2011

La Residence Hue Hotel and Spa in Vietnam Joins Accor's MGallery Collection of Unique Hotels / August 2011

Accor Ramps up Development in Indonesia with Planned Additions of 21 New Hotels / June 2011

Newly Built, the all seasons Bangkok Victory Monument, Accor's Economy Brand, Opens / June 2011

Developed by Tainui Group Holdings in Partnership with Operators Auckland Airport and Accor, the $65 million Novatel Aukland Airport Opens / May 2011

Accor to Welcome 345-room Cairns Colonial Club of North Queensland, Australia; Property to be Marketed Under All Seasons Brand / April 2011

Thua An Named as the Executive Chef of La Residence Hotel and Spa in Hue, Vietnam / April 2011

Accor's McGallery Adds Two Resorts in Thailand; 69-room Veranda High Resort Chiang Mai and 118-room Veranda Resort & Spa Hau Hin-Cha Am / March 2011

Accor Appoints its First Fiji-born Hotel Manager, Jack Work, as Hotel Manager of the Mercure Nadi in Fiji / March 2011

Accor Terminates Gilles Pélisson as CEO, Denis Hennequin to Assume Position January 2011 / November 2010

Accor Plans to Double the Number of Hotels in Latin America to 300 Following Separation of the Hospitality and Service Units / July 2010

Que Huong Liberty Building a 300-room Accor Branded Pullman Hotel in Ho Chi Minh City / June 2010

The Que Huong – Liberty Group and Accor Building a 350 room Novotel Hotel on the Site of the Metropole Hotel in Ho Chi Minh City, Vietnam / November 2009

Accor Rebranding the Former Grand Mercure La Veranda Resort and Spa to La Veranda Resort and Spa Phu Quoc, a Member of MGallery Collection of Hotels / August 2009

Accor Asia Pacific Expansion Continues with Five New Pullman Hotels in China, Thailand and Vietnam / August 2009

One of Australia’s Most Iconic Properties, Cradle Mountain Lodge, Joins Accor’s MGallery Collection / July 2009

To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch

Home | Welcome | Hospitality News
| Industry Resources

Please contact Hotel.Online with your comments and suggestions.