Accor

Accor S.A. is a French multinational hospitality company that owns, manages and franchises hotels, resorts and vacation properties.[3] It is the largest hospitality company in Europe, and the sixth largest worldwide.[4]

Accor S.A.
TypeSociété Anonyme
Euronext: AC
LSE: 0H59
CAC Next 20 Component
ISINFR0000120404 
IndustryHospitality
Founded22 April 1960 (1960-04-22)[1]
Paris, France
Founders
HeadquartersSequana Tower,
Issy-les-Moulineaux[1]
,
France
Number of locations
5100[2]
Area served
Worldwide
Key people
Sébastien Bazin (President and CEO)[1]
Brands
€4.049 billion (2019)
€464 million (2019)
Total assets€11 billion (31 December 2018)
Websitegroup.accor.com

Accor operates in 110 countries and 5100 locations.[2] Its total capacity is approximately 704,000 rooms. Accor owns and operates brands that cover many segments of hospitality. Accor also owns companies specialized in digital hospitality and event organization, such as onefinestay, D-Edge, ResDiary, John Paul, and Potel & Chabot.[2]

The company is headquartered in Issy-les-Moulineaux, France, and is a constituent of the CAC Next 20 index in the Paris stock exchange.[1]

History

From Novotel to Accor

Accor was founded in 1963 by Paul Dubrule and Gérard Pélisson in Paris, France. In 1967, they founded the hospitality group Société d'investissement et d'exploitation hôteliers (SIEH) and opened the first Novotel hotel outside Lille in northern France. Novotel, inspired by American motels, was a new concept in France, between high-end palaces and independently operated hotels, offering comfortable rooms, a restaurant and a parking, with an industrialization model for rapid growth.[5][6]

In 1974, the first Ibis hotel was launched in Bordeaux, France. Ibis was then considered a light version of Novotel.[7] In 1975, Novotel-SIEH acquired the restaurant brand Courtepaille and the Mercure hotels. In 1980, Accor acquired the Sofitel hotels (43 hotels).[8] In 1981, Novotel-SIEH entered the Asian market with the opening of a Novotel in Singapore.[9]

1983: Birth of Accor

In 1983, Novotel-SIEH acquired and merged with the group Jacques Borel International to create the Accor group, which was introduced to the Paris stock exchange the same year.[5] "Accord" means "agreement" in French.[10]

In 1984, Accor bought the Quiberon thalassotherapy center, which became the first of the Thalasso Sea & Spa brand,[11] and acquired the fine catering company Lenôtre the following year.[12] In 1985, the firm launched Formule 1, a brand of super-economy hotels conceived to fit between the uncomfortable no-star hotels and the reasonable standing of 2-star hotels. To achieve this, automated tellers were set up, rooms were shrunken, and only the bare minimum was included in terms of accessories. The hotels themselves were modular blocks manufactured in factories and assembled onsite to optimize costs.[13]

In 1990, thefirm acquired the economy lodging company Motel 6 (536 motels in the United States).[10] In 1991, it acquired the Compagnie Internationale des Wagons-Lits, which owned Pullman Hotels and Resorts, Altea, and Europcar.[14] Accor also launched its new economy brand Etap hotel.[15] In 1994, it merged the Compagnie Internationale des Wagons-Lits with Carlson Travel Network to create Carlson Wagonlit Travel (now CWT).[16][17]

"Asset-light" realignment

In the mid-90s, Accor shifted its interest towards managing more luxury and premium brands, and moved towards an asset-light model to focus more on brand and product management, and less on property management. Internal business units were rationalized to create large-scale savings on global operations. Economy and midscale brands remained the group's cash cow and enabled it to invest in less profitable but strategic upscale and luxury brands.[18]

In 1997, the firm acquired the casino company SPIC, which became Accor Casino.[15] In 1999, it acquired the US-based economy lodging company Red Roof Inn (322 hotels), and announced the creation of Accor Economy Lodging to bring Motel 6 and Red Roof Inn under one roof.[19] In a consortium with Colony Capital and Blackstone, it acquired the hotel brands Libertel and Demeure (40 properties in Europe).[20] Accor settled in the United Kingdom with the opening of a Sofitel in the previous Cox & Co bank in Central London.[21]

In 2000, Accor took full control of Century International Hotels and Zenith Hotels International in Asia, bringing its number of hotels to 200 in the Asia-Pacific zone.[22] The Sofitel Philadelphia (former Philadelphia Stock Exchange Building) was inaugurated, the first Sofitel to open in the US in a decade.[23] Accor bought 20% of the Polish hotel company Orbis.[24] In 2002, Accor settled in Mexico.[25] In 2004, Accor bought a 28.9% stake in the French all-inclusive holidays company Club Méditerranée.[26]

In 2005, Gilles Pélisson, nephew of Accor's co-founder Gérard Pélisson, became Chairman and CEO.[27] The firm sold its shares of Club Med in 2006[28] and Red Roof Inn in 2007.[29]

New multi-brand strategy

In 2007, Accor launched the serviced-apartments brand Adagio in a 50/50 venture with Pierre & Vacances,[30] relaunched Pullman as a premium hotel brand,[31] and the Australian All Seasons as a global midscale hotel brand. In 2008, it launched the MGallery collection of upscale "personality" hotels.[32] In 2010, reviews from TripAdvisor were embedded on some of Accor's property websites, a first in the industry.[33] In 2010, it split its hotel activities from its voucher activities, Accor Services (which became Edenred).[34]

In November 2010, Gilles Pélisson was replaced by Denis Hennequin at the head of Accor.[27]

In 2011, Accor revamped the ibis brand by creating ibis Styles (formerly All Seasons) and ibis budget (formerly Etap Hotel).[35] The group sold the fine catering group Lenôtre,[36] and the Compagnie Internationale des Wagons-Lits. In 2012, the group launched the regional premium brand Grand Mercure in China (MeiJue),[37] and sold Motel 6.[38] In 2013, Accor redefined its group business model on two core competencies: hotel operator and brand franchisor (HotelServices), and hotel owner and investor (HotelInvest).[39] The group acquired the premier apartment hotel brand The Sebel.[40]

In August 2013, Sébastien Bazin became Chairman and CEO of Accor.[41]

In 2014, Accor bought a 35% share in Mama Shelter (5 hotels) whose chief designer is Philippe Starck,[30] and signed a strategic alliance with the China Lodging Group (Huazhu Hotels Group - 1900 hotels) to develop its hotel brands in China.[42]

Integrated hospitality platform

In June 2015, Accor changed its name to AccorHotels and announced the rollout of a new digital strategy to federate its brands.[43]

AccorHotels acquired FRHI Hotels & Resorts in 2015, owner of the Fairmont, Raffles, and Swissôtel luxury hotels.[44] In 2016, AccorHotels acquired the concierge and loyalty service John Paul,[45] the London-based short-term vacation rental company onefinestay,[46] 30% of the German 25hours Hotels, and 30% of the Miami-based accommodations provider Oasis.[47] The firm also launched Jo&Joe in 2016, a new hotel brand aimed at millennials,[48] and signed a strategic alliance with Singapore's Banyan Tree.[49] HotelInvest was spun off.[50] In 2017, AccorHotels acquired the B2B hotel service provider Gekko,[51] the private sales website for hotel deals VeryChic,[52] and merged Squarebreak and Travel Keys into onefinestay,[53] and launched the MoodMatch app on its website through a partnership with Travelsify.[54] In 2017, AccorHotels also acquired 50% of the Orient Express brand in a move to relaunch it as a luxury hotel brand.[55]

In 2017, the group announced its strategic intention (dubbed Accor Local) to broaden its marketing segmentation to locals, instead of targeting only visitors and travelers.[56] It also diversified its portfolio of assets with the acquisition of the fine catering company Potel & Chabot,[57] and the event and entertainment organization company Noctis (renamed Paris Society).[58]

In 2018, AccorHotels sold 55% of HotelInvest for €4.4 billion and renaming it AccorInvest[59] and launched a tender offer to take full control of Orbis.[60] It acquired the Mantra Group (134 hotels under the brands Mantra, Peppers, Breakfree, Art Series),[61] the Mövenpick Hotels & Resorts (84 hotels in 27 countries),[62] and the restaurant reservation and table management company ResDiary.[63] AccorHotels partnered with Katara Hospitality to set up a $1-billion Africa-focused investment fund.[64]

In 2019, AccorHotels changed its name back to Accor.[65] The 21c Museum Hotels acquired the previous year were added to the MGallery collection, giving Accor eight new properties in the US.[66] Accor merged its previously acquired digital marketing companies for hotels Availpro and Fastbooking to create D-Edge Hospitality Solutions,[67] and took full control of Orbis (Its subsidiary AccorInvest acquired 98.6% shares of Orbis).[68] Accor launched the new midscale hotel brand Tribe.[69] After buying 50% of the SBE Entertainment Group (owner of Mondrian Hotels) in October 2018, Accor and SBE jointly launched the luxury hotel brand The House of Originals,[70] and the premium hotel brand Hyde in Australia.[71] In September 2019, Accor launched its first environment-conscious hotel brand, greet, with the first hotel opened in April that year in Beaune.[72] On 3 December 2019, Accor repositioned its brand as ALL - Accor Live Limitless. The update merged AccorHotels and its loyalty offering Le Club into one unified brand, ALL.

2020 - SBE Hotels acquisition, Mövenpick Living launch, and Ennismore

In 2020, despite the COVID-19 pandemic, Accor opened 10 new hotels including its flagship Raffles Bali.[73] On 22 October 2020, Accor announced its partnership with BNP Paribas to launch a joint payment card exclusively in Europe.[74] On 24 November 2020, Accor announced that it is taking full ownership of SBE's Hotel assets (except Hudson Hotel in New York and Delano in Miami) as part of its simplification and asset-light strategy. In parallel, Sam Nazarian takes full ownership of SBE's Disruptive Restaurant Group Platform (DRG) and its 15 owned restaurant and nightlife venues.[75] It also introduced Mövenpick Living as an extension of Mövenpick brand for extended stay segment.[76] Also on the same date, Accor announced that it recently entered into negotiations with Ennismore, the company behind brands The Huxton, Gleneagles, and WorkingFrom, in order to form a large global marketed-lifestyle operator in the hospitality sector, focusing on a fast-growing segment of the industry. At its inception, the combined entity will comprise 12 brands with 73 hotels in operation worldwide and will take the name Ennismore. Closing is expected to occur in the first semester of 2021.[77]

Company

Description

Accor is a French multinational hospitality company that owns, manages, and franchises hotels, resorts, and vacation properties. It is the single largest hospitality company in Europe and the sixth-largest worldwide.[2]

Accor operates in 110 countries and has 5100 locations.[2] Its total capacity is approximately 704,000 rooms. Luxury (Raffles, Fairmont, Sofitel,...), premium (MGallery, Pullman, Swissôtel,...), midscale (Novotel, Mercure, Adagio,...) and economy (ibis, hotelF1,...). Company and event organization (onefinestay, D-Edge, ResDiary, John Paul, Potel & Chabot,...).[2]

Accor S.A. is headquartered in Issy-les-Moulineaux, France, and is a constituent of the CAC 40 index in the Paris stock exchange.

Brands
Hotel brands[78]
SegmentSinceNamePartner
Luxury2015Raffles Hotels and ResortsFRHI Hotels & Resorts
2017 Banyan Tree Hôtels and ResortsBanyan Tree Holdings
2018 DelanoSBE Entertainment Group
2015 Fairmont Hotels and ResortsFRHI Hotels & Resorts
2018 SLSSBE Entertainment Group
1980 Sofitel Legend
2019 The House of OriginalsSBE Entertainment Group
2017 RixosRixos Hotels
Premium2018MantisMantis Group
2008 Sofitel MGallery Hotel Collection
2018 Art SeriesMantra Group
2018 MondrianSBE Entertainment Group
2007 SO/ by Sofitel
2019 Orient Express
2007 Pullman
2015 SwissôtelFRHI Hotels & Resorts
2017 AngsanaBanyan Tree Holdings
2017 25 Hours25hours Hotels
2019 HydeSBE Entertainment Group
2018 Mövenpick
2012 Grand Mercure
2018 PeppersMantra Group
2013 The Sebel
Midscale2018MantraMantra Group
1967 Novotel
1973 Mercure
2007 Adagio
2014 Mama Shelter
2019 Tribe
Economy2018BreakFreeMantra Group
2019 greet
1974 Ibis
2011 Ibis Styles
2011 Ibis Budget
2017 Jo&Joe
1984 hotelF1
Other brands[78]
BrandDescriptionSince
onefinestayMobile application for short-term rentals of upscale apartments and houses.2016
MamaworksCoworking spaces (France).2017
WojoCoworking spaces (within the group's hotels).2018
John PaulDigital and tailored concierge services.2016
Potel & ChabotUpscale catering.2017
Paris SocietyOrganization of events and entertainment.2017
D-Edge Hospitality SolutionsDigital marketing solutions for hotels.2015
GekkoB2B hotel reservations management solution.2017
VerychicPrivate sales of hotels and luxury stays.2017
AdoriaPlatform for the catering industry to optimize supply management.2018
ResDiaryReservation and management of restaurant tables.2018

Financial results
Financial results
Year201020112012201320142015201620172018
Revenue5,9486,1005,6495,4255,4545,5815,6311,9373,610
Net income360027(599)1262232442654412,233
Net debt7302264212311591941,4881,8881,153

Management

As of May 2019:

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