Accor

From Wikipedia, the free encyclopedia

Accor S.A.
TypeSociété Anonyme
Euronext Paris: AC
LSE: 0H59
CAC Next 20 Component
ISINFR0000120404
IndustryHospitality
Founded1967; 54 years ago (1967)[1]
Paris, France
Founders
HeadquartersTour Sequana,
Issy-les-Moulineaux[1]
,
France
Number of locations
5,199 (2021)[2]
Area served
Worldwide
Key people
Sébastien Bazin (Chairman and CEO)[1]
Brands
  • Luxury:
  • Raffles
  • Orient Express
  • Faena
  • Banyan Tree Hotels and Resorts
  • Delano
  • Sofitel Legend
  • Fairmont
  • SLS
  • SO/
  • Sofitel
  • The House of Originals
  • Rixos
  • onefinestay
  • Midscale:
  • Mantra
  • Novotel
  • Mercure
  • Adagio
  • Mama Shelter
  • Tribe
  • Economy:
  • Breakfree
  • ibis
  • ibis Styles
  • ibis budget
  • Jo&Joe
  • hotelF1
  • greet
  • Adagio access
Revenue
  • Decrease €1.6 billion (2020)
  • €4.0 billion (2019)
[3]
  • Decrease €-2.2 billion (2020)
  • €678 million (2019)
  • Decrease €-1.9 billion (2020)
  • €464 million (2019)
Number of employees
260,000 (2021)[4]
Websitegroup.accor.com
all.accor.com

Accor S.A. is a French multinational hospitality company that owns, manages and franchises hotels, resorts and vacation properties.[5] It is the largest hospitality company in Europe, and the sixth largest worldwide.[6]

Accor operates in 5,199 locations in over 110 countries.[2] Its total capacity is approximately 762,000 rooms. Accor owns and operates brands that cover many segments of hospitality: Luxury (Raffles, Fairmont, Sofitel), premium (MGallery, Pullman, Swissôtel), midscale (Novotel, Mercure, Adagio), and economy (ibis, hotelF1). Accor also owns companies specialized in digital hospitality and event organization, such as onefinestay, D-Edge, ResDiary, John Paul, Potel & Chabot and Wojo.[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[]

In 1967, Paul Dubrule and Gérard Pélisson 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 carpark, with an industrialization model for rapid growth.[7][8]

In 1974, the first Ibis hotel was launched in Bordeaux, France. Ibis was then considered a light version of Novotel.[9] In 1975, Novotel-SIEH acquired the restaurant brand Courtepaille and the Mercure hotels. In 1980, Accor acquired the Sofitel hotels (43 hotels).[10] In 1981, Novotel-SIEH entered the Asian market with the opening of a Novotel in Singapore.[11]

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.[7] "Accord" means "agreement" in French.[12]

In 1984, Accor bought the Quiberon thalassotherapy center, which became the first of the brand,[13] and acquired the fine catering company Lenôtre the following year.[14] 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.[15]

In 1990, thefirm acquired the economy lodging company Motel 6 (536 motels in the United States).[12] In 1991, it acquired the Compagnie Internationale des Wagons-Lits, which owned Pullman Hotels and Resorts, Altea, and Europcar.[16] Accor also launched its new economy brand Etap hotel.[17] In 1994, it merged the Compagnie Internationale des Wagons-Lits with Carlson Travel Network to create Carlson Wagonlit Travel (now CWT).[18][19]

"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.[20]

In 1997, the firm acquired the casino company SPIC, which became Accor Casino.[17] 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.[21] Along with Colony Capital, it acquired the hotel brands Libertel and Demeure (40 properties in Europe).[22] Accor settled in the United Kingdom with the opening of a Sofitel in the previous Cox & Co bank in Central London.[23]

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.[24] The Sofitel Philadelphia (former Philadelphia Stock Exchange Building) was inaugurated, the first Sofitel to open in the US in a decade.[25] Accor bought 20% of the Polish hotel company Orbis.[26] In 2002, Accor settled in Mexico.[27] In 2004, Accor bought a 28.9% stake in the French all-inclusive holidays company Club Méditerranée.[28]

In 2005, Gilles Pélisson, nephew of Accor's co-founder Gérard Pélisson, became Chairman and CEO.[29] The firm sold its shares of Club Med in 2006[30] and Red Roof Inn in 2007.[31]

New multi-brand strategy[]

In 2007, Accor launched the serviced-apartments brand Adagio in a 50/50 venture with Pierre & Vacances,[32] relaunched Pullman as a premium hotel brand,[33] and the Australian All Seasons as a global midscale hotel brand. In 2008, it launched the MGallery collection of upscale "personality" hotels.[34] In 2010, reviews from TripAdvisor were embedded on some of Accor's property websites, a first in the industry.[35]

In November 2010, Gilles Pélisson was replaced by Denis Hennequin at the head of Accor.[29] Accor split its hotel activities from its voucher activities, Accor Services (which became Edenred and was listed on the stock exchange).[36]

In 2011, Accor revamped the ibis brand by creating ibis Styles (formerly All Seasons) and ibis budget (formerly Etap Hotel).[37] The group sold the fine catering group Lenôtre,[38] and the Compagnie Internationale des Wagons-Lits. In 2012, the group launched the regional premium brand Grand Mercure in China (MeiJue),[39] and sold Motel 6.[40] In 2013, Accor redefined its group business model on two core competencies: hotel operator and brand franchisor (HotelServices), and hotel owner and investor (HotelInvest).[41] The group acquired the premier apartment hotel brand The Sebel.[42]

In August 2013, Sébastien Bazin became Chairman and CEO of Accor.[43] He introduced a new economic model around two poles: HotelServices, which operates and franchises hotels, and HotelInvest, which owns hotels and leads investments.[44]

In 2014, Accor bought a 35% share in Mama Shelter (5 hotels) whose chief designer is Philippe Starck,[32] and signed a strategic alliance with the China Lodging Group (Huazhu Hotels Group - 1900 hotels) to develop its hotel brands in China.[45]

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.[46]

AccorHotels acquired FRHI Hotels & Resorts in 2015, owner of the Fairmont, Raffles, and Swissôtel luxury hotels.[47] In 2016, AccorHotels acquired the concierge and loyalty service John Paul,[48] the London-based short-term vacation rental company onefinestay,[49] 30% of the German 25hours Hotels, and 30% of the Miami-based accommodations provider Oasis.[50] The firm also launched Jo&Joe in 2016, a new hotel brand aimed at millennials,[51] and signed a strategic alliance with Singapore's Banyan Tree.[52] HotelInvest was spun off.[53] In 2017, AccorHotels acquired the B2B hotel service provider Gekko,[54] the private sales website for hotel deals VeryChic,[55] and merged Squarebreak and Travel Keys into onefinestay,[56] and launched the MoodMatch app on its website through a partnership with Travelsify.[57] In 2017, AccorHotels also acquired 50% of the Orient Express brand in a move to relaunch it as a luxury hotel brand.[58]

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.[59] It also diversified its portfolio of assets with the acquisition of the fine catering company Potel & Chabot,[60] and the event and entertainment organization company Noctis (renamed Paris Society).[61]

In 2018, AccorHotels sold 55% of HotelInvest for €4.4 billion and renaming it AccorInvest[62] and launched a tender offer to take full control of Orbis.[63] It acquired the Mantra Group (134 hotels under the brands Mantra, Peppers, Breakfree, Art Series),[64] the Mövenpick Hotels & Resorts (84 hotels in 27 countries),[65] and the restaurant reservation and table management company ResDiary.[66] AccorHotels partnered with Katara Hospitality to set up a $1-billion Africa-focused investment fund.[67] China Lodging Group bought 4.5% of AccorHotels.[68]

ALL loyalty program[]

In 2019, AccorHotels changed its name back to Accor and launched a new loyalty program, ALL- Accor Live Limitless.[69]

The 21c Museum Hotels acquired the previous year were added to the MGallery collection, giving Accor eight new properties in the US.[70] Accor merged its previously acquired digital marketing companies for hotels Availpro and Fastbooking to create D-Edge Hospitality Solutions,[71] and took full control of Orbis (Its subsidiary AccorInvest acquired 98.6% shares of Orbis).[72] Accor launched the new midscale hotel brand Tribe.[73] 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,[74] and the premium hotel brand Hyde in Australia.[75] In September 2019, Accor launched its first environment-conscious hotel brand, greet, with the first hotel opened in April that year in Beaune.[76] On 3 December 2019, Accor repositioned its brand as ALL - Accor Live Limitless. The update merged Accorand its loyalty offering Le Club into one unified brand, ALL.

In the wake of the COVID-19 pandemic, Accor created CEDA (Coronavirus Emergency Desk Accor), a platform centralizing needs and providing accommodation solutions France for front-line medical staff and vulnerable populations.[77] Accor and the certification agency Bureau Veritas launched the ALLSAFE Cleanliness & Prevention label guaranteeing high safety and cleanliness measures nthe group's hotels and restaurants.[78]

In 2020, Accor opened more than 200 new hotels including its flagship Raffles Bali.[79] On 22 October 2020, Accor announced its partnership with BNP Paribas to launch a joint payment card exclusively in Europe.[80] 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.[81] It also introduced Mövenpick Living as an extension of Mövenpick brand for extended stay segment.[82] Also on the same date, Accor announced that it recently entered into negotiations with Ennismore, the company behind brands The Hoxton, 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.[83]

In 2021, Accor sealed a partnership with Faena, a company specialized in lifestyle design[84] and introduced the SPAC Accor Acquisition Company (AAC) on the Paris stock exchange, raising 300 million euros to lead investments in hotel-related businesses.[85]

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 also operates a network of coworking offices located in its hotels and as standalone locations under the Wojo brand.

Accor operates 5,199 locations in over 110 countries, and has over 300,00 employees worldwide.[2] Its total capacity is approximately 762,000 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 was a constituent of the CAC 40 index in the Paris stock exchange until 2020.[86]

Brands[]

Hotel brands[87]
Segment Since Name Partner
Luxury 2015 Raffles Hotels and Resorts FRHI Hotels & Resorts
2019 Orient Express
2021 Faena
2017 Banyan Tree Hôtels and Resorts Banyan Tree Holdings
2018 Delano SBE Entertainment Group
2015 Fairmont Hotels and Resorts FRHI Hotels & Resorts
2007 SO/
2007 Sofitel Legend
2018 SLS SBE Entertainment Group
2019 The House of Originals SBE Entertainment Group
2017 Rixos
Premium 2018 Mantis Mantis Group
2008 MGallery
2018 Art Series Mantra Group
2018 Mondrian SBE Entertainment Group
2007 Pullman
2015 Swissôtel FRHI Hotels & Resorts
2017 Angsana Banyan Tree Holdings
2017 25 Hours 25hours Hotels
2019 Hyde SBE Entertainment Group
2018 Mövenpick
2012 Grand Mercure
2018 Peppers Mantra Group
2013 The Sebel
Midscale 2018 Mantra Mantra Group
1967 Novotel
1973 Mercure
2007 Adagio
2014 Mama Shelter
2019 Tribe
Economy 2018 BreakFree Mantra Group
2019 greet
1974 ibis
2011 ibis Styles
2011 ibis budget
2017 Jo&Joe
1984 hotelF1
2011 Adagio access
Other brands[87]
Brand Description Since
onefinestay Mobile application for short-term rentals of upscale apartments and houses. 2016
Mamaworks Coworking spaces (France). 2017
Wojo Coworking spaces (within the group's hotels). 2018
John Paul Digital and tailored concierge services. 2016
Potel & Chabot Upscale catering. 2017
Paris Society Organization of events and entertainment. 2017
D-Edge Hospitality Solutions Digital marketing solutions[buzzword] for hotels. 2015
Gekko B2B hotel reservations management solution.[buzzword] 2017
Verychic Private sales of hotels and luxury stays. 2017
Adoria Platform for the catering industry to optimize supply management. 2018
Astore Hotel/restaurant purchase platform. 2018
ResDiary Reservation and management of restaurant tables. 2018

Financial results[]

Financial results
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Revenue 5,948 6,100 5,649 5,425 5,454 5,581 5,631 1,937 3,610 4,049 1,621
Net income 3600 27 (599) 126 223 244 265 441 2,233 464 1,988
Net debt 730 226 421 231 159 194 1,488 1,888 1,153 1.333 1,346

Management[]

Board of Directors as of August 2021:[88]

  • Sébastien Bazin (Chairman and CEO of Accor)
  • Iris Knobloch
  • Sheikh Nawaf Bin Jassim Bin Jabor Al-Thani
  • Aziz Aluthman Fakhroo
  • Iliane Dumas
  • Sophia Gasperment
  • Christine Serre
  • Qiong'Er Jiang
  • Bruno Pavlovsky
  • Isabelle Simon
  • Sarmad Zok
  • Nicolas Sarkozy

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External links[]

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