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Accor Acquires Mirvac for 149 Million, Adds 48 Hotels

Accor has acquired Australian hotel management company, Mirvac Hotels & Resorts for 149 million.

Mirvac has 48 hotels across Australia and New Zealand, and the deal brings Accor’s portfolio in these two countries up to 241 hotels.

Accor has also paid 46 million for a 21.6% stake in investment vehicle Mirvac Wholesale Hotel Fund, which owns seven of the 48 hotels. Additionally, it is also reported that Accor and Singapore-based real estate developer Ascendas plan to jointly acquire Mirvac’s 49.2% stake in MWHF.

The deal is expected to be completed in the first half of 2012 and most of the hotels are to be rebranded as Sofitel, Pullman, MGallery, Novotel or Mercure properties.

“This operation is a major success in a high growth market,” says Accor’s chairman and chief executive officer, Denis Hennequin.

“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,” he added.

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