AccorHotels will acquire 100% of the management company that operates 11 Atton hotels and 2,259 rooms across Chile, Peru, Colombia and Florida, USA.
In the deal AccorHotels will also acquire 20% of the property company that owns these assets, the remaining 80% being bought by Algeciras.
Atton Hoteles was founded in Chile in 2000 and caters to the business travelers on the midscale and upscale segment. Atton currently has three further hotels under development.
Accor has said that most of these properties will be co-branded with AccorHotels brands, before being fully rebranded to Pullman, Novotel, MGallery and Mercure in the midterm.
The total cost for AccorHotels will be €89m (£78m) including €67m (£59m) for the operating Company, and €22m (£19m) for the 20% stake in the real estate arm.
This acquisition further is planned to consolidate the current footprint of AccorHotels in Latin America, with 335 hotels operating, and 166 under development, while also strengthening its presence in fast growth markets such as Chile and Peru.
Patrick Mendes, CEO of AccorHotels for South America said: “We are delighted to have come to this strategic agreement with Algeciras. With Atton’s portfolio, AccorHotels will strengthen its leadership position in Latin America and complement its offer to its customers and loyalty members with attractive key destinations.”
The transaction is subject to regulatory approvals and aims to be completed during the second half of 2018.