Accor prepares to sell majority stake in investment arm
Accor has announced plans to set up HotelInvest as a separate unit with a view to selling off a majority stake in the hotel investment arm.
It says the move will free up funds for ‘a new phase of dynamic growth’ with expansion and acquisitions as well as renovations and extensions to its existing hotels.
"At a time when the hotel and travel industries are changing profoundly, this project would give AccorHotels significant room for manoeuvre and greater financial flexibility to implement new initiatives, develop new products and services and, in doing so, capitalize on growth opportunities in the travel and digital spheres that would strengthen the group’s competitive edge," said Sebastien Bazin, chairman and CEO of AccorHotels.
"As the restructuring begun in late 2013 comes to an end in line with the initial timeframe and objectives, turning HotelInvest into a subsidiary is the new step that offers a wealth of opportunities for AccorHotels."
The announcement came as Accor completed the acquisition of the Fairmont, Raffles and Swissotel brands from Prince Alwaleed Bin Talal’s Kingdom Holding Co., Qatar Investment Authority and Oxford Properties Group Inc.
The acquisition boosts Accor’s portfolio in the US and helps it compete with the likes of Marriott International and Hyatt Hotels Corp.
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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