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Accor closes Mirvac purchase

2 min reading time

Published on 23/05/12 - Updated on 17/03/22

The same day it sold its North American division, Accor announced the completion of its €195 million (US$254 million) joint purchase of Mirvac Hotels & Resorts with Ascendas, netting it 43 hotels across Australia and New Zealand.

While the majority of Mirvac’s hotels will remain under their existing brands — Quay West Suites & Resorts, Sea Temple, Sebel Hotels, Resorts & Residences and Citigate Hotels — in the short term, a major priority for the integration will be to rebrand a number of the hotels under Accor’s upscale Pullman brand. “We will particularly focus on expanding our Pullman brand. The brand has achieved great traction since launching in 2007 and is now also a major player in Asia Pacific, Europe and South America. In this region, Pullman is currently represented in Sydney, Cairns and Auckland, and with the addition of the former Marriott in Sydney, and with the planned rebranding of a number of existing Mirvac hotels to Pullman, it will become a real force in the Pacific over the next two years,” said Michael Issenberg, COO of Accor Asia Pacific.In the first phase of integration, Sydney Marriott Hotel was rebranded as Pullman Sydney Hyde Park on Tuesday and Sebel Newcastle Beach will be rebranded to Novotel Newcastle Beach in June.The previously Mirvac-managed Sydney Marriott Hotel will receive an A$7 million (US$6.9 million) refurbishment funded by the owners, the Mirvac Wholesale Hotel Fund, to align the hotel to Pullman’s 5-star standards.The major refurbishment program will include renovating all remaining rooms as well as significant upgrades to the hotel’s lobby and public areas.With the takeover of Mirvac’s hotels, Accor’s network in Australia and New Zealand will grow to some 250 hotels representing 32,000 rooms. The deal particularly strengthens Accor’s position in that region's upscale sector, building on Accor’s current leadership position in the midscale and economy sectors.“The settlement of this deal will fundamentally re-shape the hotel industry in Australia and New Zealand,” said Issenberg. “We will be able to add significantly to the competitiveness of the Mirvac hotels once they are fully integrated into the Accor network."Accor paid €149 million (US$193.8 million) for Mirvac Hotels & Resorts, Sydney. In addition, with Ascendas, a Singaporean real estate developer, for €46 million (US$59.8 million) Accor took Mirvac’s 49.2% stake in a fund that owns 7% of the hotels.

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