French hotel giant Accor has acquired the South American hotel portfolio of Grupo Posadas, bringing 15 new hotels under management.
The deal for the Mexican hotel company also secures a pipeline of a further 14 hotels.
In a statement to markets, Accor explained the deal was in line with intentions to reinforce its leadership in emerging markets, through selective acquisitions.
The deal follows the Mirvac acquisition in Australia and New Zealand, closed in May.
Accor paid $275 million for the Grupo Posadas deal.
The transaction includes 15 hotels, of which four are owned hotels, four variable leased hotels and seven hotels under Management contract.
These hotels are located in key cities as São Paulo and Rio de Janeiro in Brazil, Buenos Aires in Argentina and Santiago in Chile.
Some 11 of these 15 hotels are located in Brazil, the main regional economic force.
The acquisition of this portfolio will reinforce the brands operated in the region: Sofitel, Pullman, Novotel and Mercure.
The transaction also includes a secured pipeline of 14 hotels under management contract and the acquisition of two brands operated by Grupo Posadas in South America: Ceasar Park and Ceasar Business.
Completion of the deal should occur by the end of 2012.