July 16, 2012 - The
acquisition of this hotel portolio 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 22nd.
The
total amount paid by Accor for this acquisition is $275 million. The
transaction includes 15 hotels, of which 4 owned hotels, 4 variable
leased
hotels and 7 hotels under Management contract. These hotels are located
in key
cities as São Paulo and Rio de Janeiro in Brazil, Buenos Aires
in Argentina and
Santiago in Chile. 11 of these 15 hotels are located in Brazil, main
regional
economic force. 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:
Ceasar
Park and Ceasar Business.
With this
transaction, the Group's network in Brazil will reach 164 hotels and
26,200
rooms, covering the spectrum of hotel segments and resulting in a
reinforced
presence in the Up & Midscale segment, just before two major
sports'
events: the World Football Cup in 2014 and the Summer Olympic Games in
2016. In
total, Accor's portfolio in South America will consist of more than 200
hotels
and about 34,000 rooms and will so strengthen its leadership on the
continent.
"With
its strong financial position and now a structurally generating cash
model, the
Accor Group, through this acquisition, records another success and
confirms its
ambitious expansion plan ", said Denis Hennequin, Chairman and Chief
Executive Officer. "Accor strives towards its ambitions, with expansion
of its network, revitalization of the brand portfolio, optimization of
the
asset management policy and recognized operational excellence. This
operation
is in line with our strategic goal: become the global reference in the
hotel
industry".
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.
"This
project is inspiring for all Accor and Posadas teams", said Roland
Bonadona, Chief Operating Officer Latin America. « This
acquisition gathers
high quality hotels, including a true flagship with an exceptional
luxury hotel
on the Ipanema beach. Accor consolidates its presence in the region,
with more
than 200 hotels.
This is a
strategic milestone for the Group, as it enables us to optimize our
network,
our distribution channels, and our support services platforms. We are
very
ahead of schedule on our expansion plan. Within the next three years,
Accor and
Posadas pipelines combined will allow us to operate more than 300
hotels".
About
Grupo Posadas
Grupo
Posadas, with over 43 years in the hotel marketplace, operates 102
hotels and
more than 17.600 rooms in 50 beach and city destinations in Mexico. The
Group
has been listed on the Mexican Stock Exchange since 1992.
About Accor
Accor, the world's leading hotel operator
and market
leader in
Europe, is present in 90 countries with more than 4,400 hotels and
530,000 rooms. Accor's broad portfolio of hotel brands - Sofitel,
Pullman, MGallery, Novotel, Suite Novotel, Mercure, Adagio, ibis, all
seasons/ibis Styles, Etap Hotel/Formule 1/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.