MIRVAC hotels to be aquired by ACCOR

Status
Not open for further replies.

Grooba

Established Member
Joined
Mar 4, 2008
Posts
1,348
As has been reported over the last month or so in the media, I'm told there will be an announcement tomorrow (Friday 16th December 2011) that ACCOR will be officially acquiring the MIRVAC group of hotels.

I'm not sure if this is a good or bad thing (personally I was hoping IHG would win the bid but it seems not) as I preferred IHG properties as apposed to ACCOR's.
 
I write this as I sit on my balcony with a view of Quay West Brisbane not far away, and have to say it would be sad to see it go to Accor, on the flip side it might mean Brisbane gets a decent AClub accepted hotel!
 
I write this as I sit on my balcony with a view of Quay West Brisbane not far away, and have to say it would be sad to see it go to Accor, on the flip side it might mean Brisbane gets a decent AClub accepted hotel!

I stay at the Sebel in Sydney, just about to hit Black status, so I wonder will they stay with GHA or move to A-club, and will they status match???
 
Media relese:

AccorTrade.Info > Media Releases and News > Accor, a leader in Asia-Pacific, strengthens its position in Pacific

This operation also demonstrates Accor’s ability to secure its leadership in mature markets, through selective acquisitions. With this transaction, the Group’s network in Australia and New Zealand will reach 241 hotels and 32,500 rooms, covering the spectrum of hotel segments and resulting in a strong presence in each.

“This operation is a major success in a high growth market. With our growth strategy which includes both organic growth and targeted acquisitions such as this one, enabled by our excellent financial situation, I am confident in our capacity to reach our objectives”, said Denis Hennequin, Chairman and Chief Executive Officer for Accor. “With an accelerated growth of our offer, stronger brands, unique operational know-how and a dynamic asset management policy, Accor is today aligned with its ambition to become the global reference in the hotel industry”.

The total amount paid by Accor for this acquisition is €195 million and includes:

- Mirvac Hotels & Resorts, a management company of 48 hotels (inc. 2 owned hotels), representing 6,101 rooms, for €149 million
- A 21.9% stake in the Mirvac Wholesale Hotel Fund (MWHF), an investment vehicle with ownership of 7 of the hotels, for €46 million. Accor and Ascendas, the Singapore real estate developer, are to acquire together Mirvac’s 49.2% stake in MWHF.

The 48 hotels are located mainly in Australia, in key cities such as Sydney, Melbourne, Brisbane and Perth. Four of the hotels are located in New Zealand. The majority of the portfolio will be integrated into Accor’s upscale and midscale brands: Sofitel, Pullman, MGallery, Novotel and Mercure.
 
Media relese:

AccorTrade.Info > Media Releases and News > Accor, a leader in Asia-Pacific, strengthens its position in Pacific

(seems to be a bit missing from that page which I've added back)
Accor, a leader in Asia-Pacific, strengthens its position in Australia and New Zealand with the acquisition of Mirvac, a hotel management company Following this transaction comprising of 6,100 rooms (48 hotels) Accor's portfolio in those countries will reach 241 hotels, covering the spectrum of hotel segments.

The acquisition of Mirvac is fully in line with Accor's ambitious development strategy announced last September, which includes a target of 40,000 room openings each year in 2012 and 2013, mostly in an asset-light capacity. This operation also demonstrates Accor's ability to secure its leadership in mature markets, through selective acquisitions. With this transaction, the Group's network in Australia and New Zealand will reach 241 hotels and 32,500 rooms, covering the spectrum of hotel segments and resulting in a strong presence in each.

This operation also demonstrates Accor’s ability to secure its leadership in mature markets, through selective acquisitions. With this transaction, the Group’s network in Australia and New Zealand will reach 241 hotels and 32,500 rooms, covering the spectrum of hotel segments and resulting in a strong presence in each.

“This operation is a major success in a high growth market. With our growth strategy which includes both organic growth and targeted acquisitions such as this one, enabled by our excellent financial situation, I am confident in our capacity to reach our objectives”, said Denis Hennequin, Chairman and Chief Executive Officer for Accor. “With an accelerated growth of our offer, stronger brands, unique operational know-how and a dynamic asset management policy, Accor is today aligned with its ambition to become the global reference in the hotel industry”.

The total amount paid by Accor for this acquisition is €195 million and includes:

- Mirvac Hotels & Resorts, a management company of 48 hotels (inc. 2 owned hotels), representing 6,101 rooms, for €149 million
- A 21.9% stake in the Mirvac Wholesale Hotel Fund (MWHF), an investment vehicle with ownership of 7 of the hotels, for €46 million. Accor and Ascendas, the Singapore real estate developer, are to acquire together Mirvac’s 49.2% stake in MWHF.

The 48 hotels are located mainly in Australia, in key cities such as Sydney, Melbourne, Brisbane and Perth. Four of the hotels are located in New Zealand. The majority of the portfolio will be integrated into Accor’s upscale and midscale brands: Sofitel, Pullman, MGallery, Novotel and Mercure.
 
I have to be honest, that's a real steal of a price IMHO. They achieve nearly 80% of their room opening targets for 2012, and we finally see a better presence for them in Australia/New Zealand - specially with some more Sofitel and Pullman properties coming online.

Now they just need to get their act together with loyalty & recognition, and they might stand half a chance of making real value out of the purchase.
 
Elevate your business spending to first-class rewards! Sign up today with code AFF10 and process over $10,000 in business expenses within your first 30 days to unlock 10,000 Bonus PayRewards Points.
Join 30,000+ savvy business owners who:

✅ Pay suppliers who don’t accept Amex
✅ Max out credit card rewards—even on government payments
✅ Earn & transfer PayRewards Points to 10+ airline & hotel partners

Start earning today!
- Pay suppliers who don’t take Amex
- Max out credit card rewards—even on government payments
- Earn & Transfer PayRewards Points to 8+ top airline & hotel partners

AFF Supporters can remove this and all advertisements

Having compared the loyalty scheme (and having some rather poor experiences this year), I've decided to let my a-club gold status lapse. They also gave out plat as well (via special sign-up offers), which I chose not to partake. It is very sad to see MIRVAC being part of this hotel group.
 
I have to be honest, that's a real steal of a price IMHO. They achieve nearly 80% of their room opening targets for 2012, and we finally see a better presence for them in Australia/New Zealand - specially with some more Sofitel and Pullman properties coming online.

Now they just need to get their act together with loyalty & recognition, and they might stand half a chance of making real value out of the purchase.

I have to say I've been more impressed with GHA than a-club. With GHA I always get a room upgrade, plus free water and free Internet. Plus late checkout and early checkin.
 
Status
Not open for further replies.

Become an AFF member!

Join Australian Frequent Flyer (AFF) for free and unlock insider tips, exclusive deals, and global meetups with 65,000+ frequent flyers.

AFF members can also access our Frequent Flyer Training courses, and upgrade to Fast-track your way to expert traveller status and unlock even more exclusive discounts!

AFF forum abbreviations

Wondering about Y, J or any of the other abbreviations used on our forum?

Check out our guide to common AFF acronyms & abbreviations.
Back
Top