AccorHotels, together with the investment firm Algeciras, has reached an agreement to buy 100% of the Chilean group Atton Hotels for 105 million dollars (89 million euros), as announced by the French hotel group, transaction subject to approval of the regulators. The two buyers expect the purchase to materialize in the second half of 2018.
The operation includes the two companies that make up Atton, one that is dedicated to operating the hotels and another that owns them.
The French hotel chain will take over 100% of the management company that operates the 11 hotels that Atton has in Chile, Peru, Colombia and the United States for 67 million euros. Together they reach a total of 2,259 rooms.
On the other hand, AccorHotels will only buy 20% of the company that owns these establishments for 22 million euros. The remaining 80% will be for Algeciras. The hotel company may sell its participation to the investment firm within five years.
The Atton hotel portfolio, which has three other establishments under construction, will adopt the corporate identity jointly with AccorHotels brands. However, in the medium term the intention of the company is that the hotels are fully integrated into its Pullman, Novotel, MGallery and Mercure companies.
The French group points out that the transaction will have an impact on the company’s profits from the first year and hopes with it to consolidate its position in Latin America. AccorHotels currently operates 335 hotels in Latin America and has 166 others under construction in the coming years.