NEWS | Accor acquires hotel management company Mirvac

Accor has acquired Mirvac, a hotel management company based in Australia and New Zealand. Following this transaction comprising of 6,100 rooms (48 hotels), Accor’s portfolio in these countries will reach 241 hotels. The acquisition is a part of the groups development strategy which includes a target of 40,000 room openings each year in 2012 and 2013, mostly in an asset-light capacity. The completion of the deal is expected to take place during the first half of 2012, after regulatory approval.
The total amount paid by Accor for this acquisition is Euro 195 million and includes Mirvac Hotels & Resorts, a management company of 48 hotels (including two owned hotels), representing 6,101 rooms, for Euro 149 million, a 21.9 per cent stake in the Mirvac Wholesale Hotel Fund (MWHF), an investment vehicle with ownership of seven of the hotels, for Euro 46 million. Accor and Ascendas, the Singapore real estate developer, will together acquire Mirvac’s 49.2 per cent stake in MWHF, according to the company release. The 48 hotels are located mainly in Australia, in cities such as Sydney, Melbourne, Brisbane and Perth. Four of the hotels are located in New Zealand. The majority of the portfolio will be integrated into Accor’s upscale and mid-scale brands that are Sofitel, Pullman, MGallery, Novotel and Mercure.

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