Accor has purchased the South American hotel portfolio of Mexican company Grupo Posadas for US$275 million. The portfolio comprises the group’s Ceasar Park and Ceasar Business brands, which include 15 properties (2,600 rooms) in Brazil (Sao Paulo and Rio de Janeiro), Argentina (Buenos Aires) and Chile (Santiago). Four of the hotels are owned, four leased and seven operating under management contracts. The transaction, which also includes a pipeline of 14 hotels under management contracts, is expected to be completed by the end of the year. “With its strong financial position and now a structurally generating cash model, the Accor Group, through this acquisition, records another success and confirms its ambitious expansion plan,” said Denis Hennequin, Accor’s chairman and chief executive officer.