French hotel group Accor has bought Mirvac Hotels & Resorts, the hotel management arm of Australia-based Mirvac Group, for €195m.
The acquisition includes Mirvac Hotels & Resorts, which manages 48 hotels, for €149m, and a 21.9% stake in Mirvac Wholesale Hotel Fund (MWHF), an investment vehicle that owns seven managed hotels, for €46m.
48 properties are located in Australia in the key cities of Sydney, Melbourne, Brisbane and Perth, and four are located in New Zealand.
Accor, along with Singapore-based real estate developer Ascendas , also plans to buy Mirvac’s remaining 49.2% stake in MWHF.
The acquisition, totalling 6,100 rooms in 48 hotels, brings Accor’s portfolio in Australia and New Zealand to 241 hotels and 32,500 rooms.
Accor said the acquisition is fully in line with the company’s development strategy announced in September, which includes a target of 40,000 room openings each year in 2012 and 2013.
The deal will conclude during the first half of 2012 after regulatory approvals; the real estate component of the deal will be managed according to Accor’s asset management policy.
Following the acquisition, the group’s portfolio for Asia Pacific will consist of over 500 hotels and 96,000 rooms.
Accor operates in 90 countries with 4,200 hotels and more than 500,000 rooms, with brands Sofitel, Pullman, MGallery, Novotel, Suite Novotel, Mercure, Adagio and Ibis.