Published on : Tuesday, May 15, 2018
Besides, AccorHotels will 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. The hotels cater to the business travelers on the midscale and upscale segment. It has 3 hotels under development. In order to capitalize on Atton’s existing brand equity, most of these properties will be co-branded with AccorHotels brands, before being fully rebranded to Pullman, Novotel, MGallery & Mercure in the midterm.
Total cash consideration for AccorHotels will be US$105m or c. €89m at current exchange rate, including €67m for the operating Company, and €22m for the 20% stake in the real estate arm, reflecting post-synergies & pipeline 2020e EV/EBITDA of respectively 10X and 9X.
The transaction will have an accretive impact on Group earnings from the first year. AccorHotels will have a put option to sell its 20% in the PropCo to Algeciras after five years.
This acquisition further consolidates the current footprint of AccorHotels in Latin America, where the Group has built leadership for many years, with 335 hotels operating, and 166 under development, while strengthening its presence in fast growth markets such as Chile & Peru.
Tags: Accorhotels, Algeciras, Atton Hoteles