Accor Grabs Mirvac Hotel Portfolio For $254M

Law360, New York (December 16, 2011, 3:11 PM EST) -- French hotel operator Accor SA has acquired real estate investment trust Mirvac Group’s hotel management arm in a deal worth €195 million ($254 million), giving the owner of the Sofitel and Novotel brands a heftier presence in Australia and New Zealand, the buyer announced Friday.

Accor put an aggressive expansion plan into action, adding Mirvac’s 48 hotels to its global portfolio of 4,200 hotels and bolstering its network in Australia and New Zealand to 241 properties, according to the statement.

“This operation is a major success...
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