Sinorama Holidays has closed its doors after 13 years in business, with a voluntary termination of its Ontario Travel Industry Act, 2002 registration.
TORONTO — AccorHotels’ acquisition streak continues with news the company plans to buy Chile’s Atton Hoteles.
AccorHotels and Chilean group Algeciras have signed an agreement with the shareholders of Atton Hoteles in order to acquire the company.
AccorHotels will acquire 100% of the management company that operates 11 Atton hotels (2,259 rooms) across Chile, Peru and Colombia. There’s also one hotel in Florida, the Brickell Miami, that is part of the deal.
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 business travellers on the midscale and upscale segment. It has three 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.
The acquisition further consolidates AccorHotels’ footprint 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 and Peru.
“We are delighted to have come to this strategic agreement with Algeciras,” said Patrick Mendes, CEO of AccorHotels for South America. “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”.
The transaction is subject to regulatory approvals and is expected to be completed during the second half of 2018.
Last month Accor announced it had acquired Mövenpick Hotels & Resorts in a blockbuster deal worth €482 million. Also last month AccorHotels has signed a strategic agreement with South Africa-based Mantis Group, acquiring 50% stake in their business.
In March 2018 the company hit a major milestone, announcing that it is now operating in 100 countries around the world.