Accor bought out the 15-hotel South American portfolio of Grupo Posadas for US$275 million on Monday.
Accor, Courcouronnes, France, paid US$275 million to Grupo Posadas, Mexico City, for 15 hotels and a secured pipeline of 14 hotels under management contract. Of the 15 hotels acquired, four were bought in property, four under variable leased contracts and seven under management contract. Of the four hotels purchased, Accor intends to sell the real estate portion of those hotels to partners while keeping control of operations.
Accor also bought Grupo Posadas’ brands Caesar Park and Caesar Business brands and plans to rebrand each of the hotels under its Sofitel, Pullman, Novotel and Mercure brands.
The 15 hotels Accor gains include:
Argentina
- Caesar Park Buenos Aires
- Caesar Park Silver Buenos Aires Obelisco
Brazil
- Caesar Park Rio de Janeiro Ipanema
- Caesar Park São Paulo Faria Lima
- Caesar Park São Paulo International Airport
- Caesar Business Belo Horizonte Belvedere
- Caesar Business Lagoa dos Ingleses Alphaville
- Caesar Business Manaus Amazonas
- Caesar Business Rio de Janeiro Botafogo
- Caesar Business Salvador Bahia
- Caesar Business São Paulo Faria Lima
- Caesar Business São Paulo International Airport
- Caesar Business São Paulo Paulista
Chile
- Caesar Business Puerto Montt
- Caesar Business Santiago Centro
Accor said the deal is expected to close by the end of the year.
“This project is inspiring for all Accor and Posadas teams,” said Roland Bonadona, Accor’s COO 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.”
The move comes less than two months after Accor sold its North American Motel 6 chain to an affiliate of Blackstone for US$1.9 billion.