Posted 7/16/2012 - 6:10:58 PM
SAO PAULO, BRAZIL–Accor has acquired the 15 hotel portfolio of Grupo Posadas for $275 million.
The transaction includes 15 hotels of which four are owned, four are leased and seven are managed under long-term management agreements. The hotels are located in Sao Paulo and Rio de Janeiro, Buenos Aires and Santiago. Eleven of the 15 are in Brazil.
Paris-based Accor plans to convert the hotels in the portfolio to its Sofitel, Pullman, Novotel and Mercure brands. The transaction also includes a pipeline of 14 hotels under management agreements and the acquisition of two brands operated by Grupo Posadas in South America: Ceasar Park and Ceasar Business.