
Following this transaction comprising of 6,100 rooms (48 hotels) Accor’s portfolio in those countries will reach 241 hotels, covering the spectrum of hotel segments.
The acquisition of Mirvac is fully in line with Accor’s ambitious development strategy announced last September, which includes a target of 40,000 room openings each year in 2012 and 2013, mostly in an asset-light capacity. This operation also demonstrates Accor’s ability to secure its leadership in mature markets, through selective acquisitions. With this transaction, the Group’s network in Australia and New Zealand will reach 241 hotels and 32,500 rooms, covering the spectrum of hotel segments and resulting in a strong presence in each.Following this operation, Accor’s portfolio for the Asia-Pacific region will consist of more than 500 hotels and about 96.000 rooms.The total amount paid by Accor for this acquisition is €195 million and includes: -* Mirvac Hotels & Resorts, a management company of 48 hotels (inc. 2 owned hotels), representing 6,100 rooms, for €149 million -* A 21.9% stake in the Mirvac Wholesale Hotel Fund (MWHF), an investment vehicle with ownership of 7 of the hotels, for €46 million. Accor and Ascendas, the Singapore real estate developer, are to acquire together Mirvac’s 49.2% stake in MWHF.The 48 hotels are located mainly in Australia, in key 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 midscale brands: Sofitel, Pullman, MGallery, Novotel and Mercure. Completion of the deal should occur during the first half of 2012, notably after regulatory approvals. The real estate component of the deal will be managed according to the Accor’s asset management policy.