AccorHotels and Algeciras agree the purchase of the Chilean group Atton Hoteles

AccorHotels and the Chilean group Algeciras announce the signing of an agreement with the shareholders of Atton Hotels to acquire the company. According to the contract, AccorHotels will acquire 100% of the management company that operates 11 Atton hotels (2,259 rooms) throughout Chile, Peru, Colombia and Florida, USA. In addition, AccorHotels will acquire 20% of the company that owns those assets, with the remaining 80% being purchased by Algeciras.

Atton Hotels was founded in Chile in the year 2000, and its hotels welcome business travelers in the midscale and upscale segment. It has 3 hotels in development. In order to capitalize the existing value of the current Atton brand, many of these properties will be worked in conjunction with the AccorHotels brands, before being fully transformed into the Pullman, Novotel, MGallery and Mercure brands as soon as possible.

The total cash value for AccorHotels will be € 89M ($ 105 million), including € 67M for the operating company, and € 22M for the 20% stake, reflecting post-synergies and pipeline 2020e EV / EBITDA of respectively 10X and 9X. The transaction will have an aggregate impact on the Group's profits in the first year. AccorHotels will have a purchase option to sell its 20% in the PropCo for Algeciras after five years.

This acquisition further consolidates the current presence of AccorHotels in Latin America, where the Group has gained leadership for many years, with 335 hotels in operation and 166 in development, while it has strengthened its presence in fast-growing markets, such as Chile and Peru.

Patrick Mendes, CEO of AccorHotels in South America, says: "We are very pleased to have reached this strategic agreement with Algeciras With the Atton portfolio, AccorHotels will strengthen its leadership position in Latin America and complement its offer for clients and associates. of the loyalty program with attractive key destinations ".

The transaction is subject to regulatory approvals. It must be completed during the second semester of 2018.