Accor

Accor S.A.

It is the largest hospitality company in Europe, and the sixth largest hospitality company worldwide.

Accor S.A.
Company typePublic (Société anonyme)
ISINFR0000120404 Edit this on Wikidata
IndustryHospitality
Founded1967; 57 years ago (1967)
Paris, France
Founders
HeadquartersTour Sequana, ,
Number of locations
5,584 (end 2023)
Area served
Worldwide
Key people
Sébastien Bazin (Chairman and CEO)
Brands
RevenueIncrease 5.1 billion (2023)
Increase 779 million (2023)
Increase 633 million (2023)
Total assets11.7 billion (2022)
Total equity5.4 billion (2022)
Number of employees
300,000+ (2022)
Websitegroup.accor.com

Accor operates 5,584 locations in over 110 countries. Its total capacity is approximately 821,518 rooms (end 2023). It owns and operates brands in 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.

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

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.

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

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. Accor is based on the word "Accord" meaning "agreement" in French.

In 1984, Accor bought the Quiberon thalassotherapy center, which became the first of the Thalasso Sea & Spa brand, and acquired the fine catering company Lenôtre the following year. In 1985, the firm launched Formule 1, a brand of low-cost hotels. The buildings themselves were modular blocks manufactured in factories and assembled onsite to minimise costs.

In 1990, the firm acquired the economy lodging company Motel 6 (536 motels in the United States). In 1991, it acquired the Compagnie Internationale des Wagons-Lits, which owned Pullman Hotels and Resorts, Altea, and Europcar. Accor also launched another economy hotel, Etap Hotel. In 1994, it merged the Compagnie Internationale des Wagons-Lits with Carlson Travel Network to create Carlson Wagonlit Travel (now CWT).

"Asset-light" realignment

In the mid-90s, Accor shifted its interest towards luxury and premium brands, and moved towards an asset-light model to focus on brand and product management, rather than property management. Economy and midscale brands remained the group's cash cow and enabled it to invest in less profitable but strategic upscale and luxury brands.

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

Accor launched the 3-star hotel brand SuiteHotel in 1999. 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. The Sofitel Philadelphia (former Philadelphia Stock Exchange Building) was inaugurated, the first Sofitel to open in the US in a decade. Accor bought 20% of the Polish hotel company Orbis. In 2002, Accor settled in Mexico. In 2004, Accor bought a 28.9% stake in the French all-inclusive holidays' company Club Méditerranée.

In 2005, Gilles Pélisson, nephew of Accor's co-founder Gérard Pélisson, became chairman and CEO. The investment firm Colony Capital invested 1 billion euros in Accor. The firm sold its shares of Club Med in 2006 and Red Roof Inn in 2007.

New multi-brand strategy

Accor 
Sebel Quay West apartment tower in Sydney; the lower half of the floors in this tower are Sebel branded managed apartments by Accor.

In 2007, Accor launched the serviced-apartments brand Adagio in a 50/50 venture with Pierre & Vacances, relaunched Pullman as a premium hotel brand, and the Australian All Seasons as a global midscale hotel brand. In 2008, it launched the MGallery collection of upscale "personality" hotels.

In November 2010, Gilles Pélisson was replaced by Denis Hennequin as the head of Accor. Accor split its hotel activities from its voucher activities, Accor Services (which became Edenred and was listed on the stock exchange). Suitehotel was merged with Novotel.

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

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

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

Lifestyle hospitality

In June 2015, Accor changed its name to AccorHotels and announced a new digital strategy to federate its brands.

The firm acquired FRHI Hotels & Resorts in 2015, owner of the Fairmont, Raffles, and Swissôtel luxury hotels. In 2016, AccorHotels acquired the concierge and loyalty service John Paul, the London-based short-term vacation rental company onefinestay, 30% of the German 25hours Hotels, and 30% of the Miami-based accommodations provider Oasis. The firm also launched Jo&Joe in 2016, a new hotel brand aimed at millennials, and signed a strategic alliance with Singapore's Banyan Tree. HotelInvest was spun off. In 2017, AccorHotels acquired the B2B hotel service provider Gekko, the private sales website for hotel deals VeryChic, and merged Squarebreak and Travel Keys into onefinestay, and launched the MoodMatch app on its website through a partnership with Travelsify. In 2017, AccorHotels also acquired 50% of the Orient Express brand in a move to relaunch it as a luxury hotel brand. In 2017, the group announced its strategic intention (dubbed Accor Local) to broaden its marketing to locals, instead of targeting only visitors and travelers. It also diversified its portfolio of assets with the acquisition of the fine catering company Potel & Chabot, and the event and entertainment organization company Noctis (renamed Paris Society). In 2018, AccorHotels sold 55% of HotelInvest for €4.4 billion and renaming it AccorInvest and launched a tender offer to take full control of Orbis. It acquired the Mantra Group (134 hotels under the brands Mantra, Peppers, Breakfree, Art Series), the Mövenpick Hotels & Resorts (84 hotels in 27 countries), and the restaurant reservation and table management company ResDiary. AccorHotels partnered with Katara Hospitality to set up a $1-billion Africa-focused investment fund. China Lodging Group bought 4.5% of AccorHotels.

In 2019, AccorHotels changed its name back to Accor and launched a new loyalty program, ALL, for "Accor Live Limitless".

The 21c Museum Hotels acquired the previous year were added to the MGallery collection. Its digital marketing companies for hotels (Availpro, Fastbooking) were merged into D-Edge Hospitality Solutions. The group took full control of Orbis (Its subsidiary AccorInvest acquired 98.6% shares of Orbis). Accor launched the new midscale hotel brand Tribe (born under the Mantra Group Management). 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, and the premium hotel brand Hyde in Australia. In September 2019, Accor launched its first environment-conscious hotel brand, greet, with the first hotel opened in April that year in Beaune. On 3 December 2019, Accor repositioned its brand as ALL - Accor Live Limitless. The update merged Accor and 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 in France for front-line medical staff and vulnerable populations. The group allocated 70 million euros to launch the ALL Heartist Fund which was designed to assist employees and individual partners experiencing great financial difficulties. Accor and the certification agency Bureau Veritas launched a label guaranteeing high safety and cleanliness measures in the group's hotels and restaurants, and signed a strategic partnership with the insurance company Axa to provide medical assistance to the guests of its hotels worldwide.

In 2020, Accor opened more than 200 new hotels including its flagship Raffles Bali. On 24 November 2020, it 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. It introduced Mövenpick Living as an extension of Mövenpick brand for extended stay segment. The company announced its strategic plan to focus on lifestyle hospitality. In 2021, Accor introduced the SPAC Accor Acquisition Company (AAC) on the Paris stock exchange, raising 300 million euros to lead investments in hotel-related businesses, sold a 1.5% share in the Chinese hotel management company Huazhu, and invested in the Indian tech hospitality company Treebo. In October 2021, Qatar's Supreme Committee for Delivery & Legacy had signed an agreement with Accor to manage World Cup fan accommodation during the 2022 FIFA World Cup. According to the agreement Accor will provide staff to manage and operate more than 60,000 rooms in apartments and villas. The same month, Accor and Ennismore finalized their joint-venture of 14 hotel brands. Accor was the majority stakeholder (then sold 10.8% to a consortium of Qatari investors), and the founder of Ennismore Sharan Pasricha held a minority stake. Accor and the Italian hotel group Arsenale announced the launch of the Orient Express La Dolce Vita luxury trains. and the groups started to test urban autonomous cars with Citroën and JCDecaux. Accor committed to decarbonize all its operations, aiming 46% emission reduction by 2030 and net zero by 2050, a plan validated by the Science Based Targets Initiative. The group then issued its first sustainability-linked bonds for an amount of 700 million euros.

In 2022, Accor bought Cunard's Queen Elizabeth 2 from PCFC Hotels and launched its All-Inclusive Collection. In 2023, Accor restructured into two distinct business units: "Economy, Midscale & Premium" unit (Ibis, Novotel, Mercure, Swissôtel, Mövenpick, Pullman, TRIBE from October 2023) and the "Luxury & Lifestyle" organized in four brand collections (Raffles & Orient Express, Fairmont, Sofitel & MGallery, Ennismore). The group sold its remaining stake in H World Group Limited and announced the launch of Orient Express Silenseas, a luxury cruise built with Chantiers de l'Atlantique and planned for delivery March 2026.

Brands

Hotel brands
Segment Since Name Partner
Luxury 2017 Banyan Tree Hôtels and Resorts Banyan Tree Holdings
2021 Emblems Collection
2021 Faena
2023 Savoy
2015 Fairmont Hotels and Resorts FRHI Hotels & Resorts
2019 Orient Express
2015 Raffles Hotels and Resorts FRHI Hotels & Resorts
2017 Rixos Rixos Hotels
1980 Sofitel
2007 Sofitel Legend
Premium 2017 Angsana Banyan Tree Holdings
2018 Art Series Mantra Group
2012 Grand Mercure
2018 Mantis Mantis Group
2008 MGallery
2018 Mövenpick
2018 Peppers Mantra Group
2007 Pullman
2015 Swissôtel FRHI Hotels & Resorts
2013 The Sebel
Midscale 2007 Aparthotel Adagio
2018 Mantra Mantra Group
1973 Mercure
1967 Novotel
2018/2023 TRIBE Mantra Group/Ennismore
Economy 2011 Adagio access
2018 BreakFree Mantra Group
2019 greet
1984 hotelF1
1974 ibis
2011 ibis budget
2011 ibis Styles
Segment Name
Ennismore

joint-venture

21c Museum Hotels
25 Hours
Delano
Gleneagles
Hyde
Jo&Joe
Mama Shelter
Mondrian
Morgans Originals
SLS
SO/
The Hoxton
Tribe (2021-2023)
working from_
Other brands
Brand Description Since
D-Edge Hospitality Solutions SaaS company for hotels 2015
John Paul White label concierge services, affinity marketing and event management 2016
onefinestay Mobile application for short-term rentals of upscale apartments and houses 2016
Gekko B2B hotel distribution platform 2017
Mamaworks Coworking spaces in France and Luxembourg 2017
Paris Society Organization of events and entertainment 2017
Potel & Chabot Upscale catering 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
Wojo Coworking spaces (within the group's hotels) 2018
Thalassa Spa 1984
Orient Express Luxury travels 2017
Lido Cabaret 2022

Financial results

Financial results
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Revenue 5,948 6,100 5,649 5,425 5,454 5,581 1,646 1,937 3,610 4,049 1,621 2,204 4,224 5,056
Net income 3600 27 (599) 126 223 244 265 441 2,233 464 (1,988) 85 392 633
Shareholders
Jinjiang International 12.8%
Qatar Investment Authority 8.5%
Kingdom Holding Co. (Investment Management) 6.2%
Parvus Asset Management 6.8%
Pzena Investment Management 7.2%
Floating 68.5%

Management

Board of directors as of January 2022:

  • Sébastien Bazin (chairman and CEO since 2013)
  • Iris Knobloch (vice-chairman since 2016)
  • Asma Abdulrahman Al-Khulaifi (director)
  • Ugo Arzani (director)
  • Hélène Auriol Potier (independent director)
  • Iliane Dumas (director representing employees)
  • Qiong'Er Jiang (director)
  • Anne-Laure Kiechel (independent director since May 2023)
  • Bruno Pavlovsky (independent director)
  • Nicolas Sarkozy (independent director since 2017)
  • Christine Serre (director representing employees)
  • Isabelle Simon (independent director)
  • Samad Zok (director)

See also

References

Tags:

Accor HistoryAccor BrandsAccor Financial resultsAccor ManagementAccor

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