AccorHotels and Chilean company Algeciras have agreed to acquire Atton Hotels, an upscale chainlet catering to business travelers.

Accor's plan is to co-brand Atton's hotels with Accor brands before fully rebranding them to Pullman, Novotel, MGallery or Mercure. According to Atton's website, the brand has five hotels in Chile; two in Bogota, Colombia; and one each in Lima, Peru, and Miami.

Accor is buying 100% of Atton's hotel-management operations and 20% of the hotel real estate for $105 million. Algeciras is buying the remaining 80% of the hotel real estate. Accor will have the option to sell its 20% stake in the hotel real estate to Algeciras after five years.

Atton Hotels was founded in Chile in 2000. Its hotels cater to business travelers.

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