by Cheryl-Anne Sturken | May 14, 2018
French hotel giant AccorHotels is continuing its acquisition-heavy strategy. In a newly minted deal, the Paris-based chain said it has agreed to buy the management company behind Chile's Atton Hotels for approximately US$105 million. According to AccorHotels, the move will boost its earnings and strengthen its position in Latin America, where the company is looking to expand. Atton Hotels operates 11 properties across Chile, Columbia and Peru, as well as in Florida.
Patrick Mendes, CEO of AccorHotels for South America, said in a statement announcing the deal, "We are delighted to have come to this strategic agreement. 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."
Earlier this year, as part of its strategy to expand into emerging markets, AccorHotels purchased a 50 percent stake in South Africa-based Mantis Group, a family-run collection of luxury properties, eco lodges, game reserves and luxury houseboats.
The company followed up that acquisition weeks later with the purchase of hotel-management company Mövenpick Hotels & Resorts from Saudi Arabia's Kingdom Holding Co. for US$567 million. That deal gave AccorHotels another 84 hotels in 27 countries, with the bulk of the portfolio in Europe and the Middle East. AccorHotels currently has a portfolio of over 4,300 properties in over 100 countries.