Accor SA (ENXTPA:AC) agreed to acquire the South American hotel portfolio from Grupo Posadas SAB de CV (BMV:POSADAS L) for approximately $280 million on July 16, 2012. At the time of closing 10% of the consideration shall be placed into escrow to secure certain possible adjustments to the purchase price and other indemnification obligations of Grupo Posadas under the agreement. The transaction includes 15 hotels that are located in cities as São Paulo and Rio de Janeiro in Brazil, Buenos Aires in Argentina and Santiago in Chile. 11 of these 15 hotels are located in Brazil, main regional economic force. The transaction also includes a secured pipeline of 14 hotels and the acquisition of Ceasar Park and Ceasar Business brands. The real estate component of this hotel portfolio will be managed according to Accor's asset management policy and the deal is expected to be completed by the end of 2012. Posadas will use the proceeds to repay indebtedness and improve the company's capital position.

UBS acted as financial advisor to Accor. N M Rothschild & Sons Limited acted as financial advisor to Grupo Posadas SAB de CV. Estudio Beccar Varela, Lefosse Advogados, Carey and Creel, García-Cuéllar, Aiza y Enriquez SC acted as legal advisors to Accor. Toby S. Myerson, Ariel J. Deckelbaum, Valerie E. Radwaner, Scott P. Grader, Didier Malaquin, Robert C. Fleder, William J. O'Brien, Charles H. Googe Jr., Claudine Meredith-Goujon, Jeffrey B. Samuel, Alyssa F. Wolpin and Harris B. Freidus of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Grupo Posadas SAB de CV. Christian Roschmann, Daniel Serota, Sergio Machado, Andre Calumby, Carla Gorescu, Mariana Castro, Carolina Araujo Guizeline, Gustavo Lian Haddad, Bruno Macorin Carramaschi, Luiz Alberto Santos, Ana Cláudia Couto, Juliana Arruda, Bernardo Bessa, Paola Pugliese, Aylla Assis, Ana Sammarco, Talita Lamblem, Carla de Vasconcellos Crippa, Raphael Augusto Cunha, Mariá Guitti, Nathie Luz, Paula Chaccur, Livia Rossi, Thomas Wright, Sumeet Sinha, Daniel Law, Nemone Franks, Dalal Tahri, Lara Hemzaoui, Laura Vázquez, Maria Solana, Javier Garcia-Pita, Alejandro Meca, Sonsoles Leal, Pieter Riemer, Yevgeniya Chaplina, Robert Thie, Olaf Kroon, Boudewijn Niels, Thomas Perrot, Charles Baudoin and Ninon Rétoré of Linklaters LLP acted as legal advisors for Accor.

UBS acted as financial advisor to Accor. N M Rothschild & Sons Limited acted as financial advisor to Grupo Posadas SAB de CV. Estudio Beccar Varela, Lefosse Advogados, Carey and Creel, García-Cuéllar, Aiza y Enriquez SC acted as legal advisors to Accor. Toby S. Myerson, Ariel J. Deckelbaum, Valerie E. Radwaner, Scott P. Grader, Didier Malaquin, Robert C. Fleder, William J. O'Brien, Charles H. Googe Jr., Claudine Meredith-Goujon, Jeffrey B. Samuel, Alyssa F. Wolpin and Harris B. Freidus of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Grupo Posadas SAB de CV. Christian Roschmann, Daniel Serota, Sergio Machado, Andre Calumby, Carla Gorescu, Mariana Castro, Carolina Araujo Guizeline, Gustavo Lian Haddad, Bruno Macorin Carramaschi, Luiz Alberto Santos, Ana Cláudia Couto, Juliana Arruda, Bernardo Bessa, Paola Pugliese, Aylla Assis, Ana Sammarco, Talita Lamblem, Carla de Vasconcellos Crippa, Raphael Augusto Cunha, Mariá Guitti, Nathie Luz, Paula Chaccur, Livia Rossi, Thomas Wright, Sumeet Sinha, Daniel Law, Nemone Franks, Dalal Tahri, Lara Hemzaoui, Laura Vázquez, Maria Solana, Javier Garcia-Pita, Alejandro Meca, Sonsoles Leal, Pieter Riemer, Yevgeniya Chaplina, Robert Thie, Olaf Kroon, Boudewijn Niels, Thomas Perrot, Charles Baudoin and Ninon Rétoré of Linklaters LLP acted as legal advisors for Accor.

Accor SA (ENXTPA:AC) completed the acquisition of South American hotel portfolio from Grupo Posadas SAB de CV (BMV:POSADAS L) on October 10, 2012.