South America: Accor Buys Mexican Hotel Chain Grupo Posadas
Accor is buying the South American hotel portfolio of Mexican company Grupo Posadas in 275 million dollars. The deal should close by the end of 2012, Accor said.
The deal follows Accor's sale of troubled U.S. budget hotel chain Motel 6 for $1.9 billion in May and the closing of the acquisition of Australian hotel group Mirvac. Accor is looking to accelerate expansion in fast-growing emerging markets at a time of muted growth in Europe.
The purchase includes 15 hotels in Brazil, Argentina and Chile. It also includes 14 hotels under management contract, as well as two brands operated by Grupo Posadas in South America - Ceasar Park and Ceasar Business.
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