Accor acquires Grupo Posadas properties

The deal is an attempt to tap into an emerging market, and includes 15 hotels in Brazil, Argentina and Chile. It also includes 14 hotels under management contract, as well as two brands operated by Grupo Posadas in South America - Ceasar Park and Ceasar Business.

The purchase follows Accor's sale of budget hotel chain Motel 6 in May and the closing of the acquisition of Australian hotel group Mirvac.

The deal comes ahead of major cultural and sporting events in South America, including the World Football Cup in 2014 and the Summer Olympics in 2016.