Accor buys Mexico's Grupo Posadas for $275 million

PARIS, July 16 Mon Jul 16, 2012 2:12am EDT

PARIS, July 16 (Reuters) - French hotel group Accor said on Monday it had acquired Mexican hotel outfit Grupo Posadas for $275 million, in an effort to improve its exposure to emerging markets.

The purchase includes 15 hotels located in Brazil, Argentina and Chile. It also includes a secured pipeline of 14 hotels under contract and the acquisition of two brands operated by Grupo Posadas, Ceasar Park and Ceasar Business.

The deal should close by the end of 2012, Accor said. (Reporting by Nina Sovich)

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