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Accor Buys Mirvac Hotels for $254 Million to Grow in Australia

Accor SA, owner of the Novotel lodging brand, agreed to pay 195 million euros ($254 million) for Mirvac Group’s hotel management business to expand in the Asia-Pacific region.

The transaction will add 48 hotels, increasing Accor’s total in Australia and New Zealand to 241, the Paris-based company said in a statement today. The addition of 6,100 rooms will help the hotelier toward its worldwide room-opening target for the next two years of 40,000 a year.