AccorHotels and Chilean investment and management group Algeciras have signed an agreement to buy Chilean hotel group Atton Hoteles.
French hotel group AccorHotels will acquire 100% of the management company which operates 11 Atton hotels across Chile, Peru, Colombia and Florida, USA. It will also buy 20% of the property company that owns the hotels, with the remaining 80% to be bought by Algeciras.
AccorHotels will have the option to sell its 20% in the property company to Algeciras after five years.
Atton Hoteles was founded in Chile in 2000. The hotels cater to business travelers in the midscale and upscale segment. It has three hotels under development.
Most of the properties will be co-branded with AccorHotels brands, before being fully rebranded to Pullman, Novotel, MGallery and Mercure in the mid-term.
The acquisition further consolidates AccorHotels' footprint in Latin America, where the group has 335 hotels operating and 166 under development.
Patrick Mendes, chief executive of AccorHotels for South America, said: "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 complete during the second half of 2018.
Pictured: The Atton Vitacura in Santiago de Chile