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Accor buys stake in private rental chain as profits hit £189m

By Michelle Perrett , 18-Feb-2016
Last updated on 18-Feb-2016 at 12:17 GMT2016-02-18T12:17:49Z

Accor acquired The Savoy as part of a £1.9bn deal last year
Accor acquired The Savoy as part of a £1.9bn deal last year

Accor Hotels has acquired a 30 per cent stake in Oasis Collections, the private rental chain with 1,500 properties in 18 destinations, including the UK. 

The company offers personalised services to leisure and corporate guests as well as targeted exposure to international travellers for home owners.

The news of the deal came as Accor Hotels revealed that revenue was up 2.3 per cent to €5.58bn (£4.32bn) and net profit up 9.4 per cent to €244m (£189m) for 2015.

The results revealed that the UK is one of main drivers in Northern, Central and Eastern Europe posting revenue growth of 5.9 per cent for the year.

Germany also performed well with revenue growth of 4.5 per cent but France struggled, down 0.5 per cent, in the aftermath of the terrorist attacks in January and November.

In December Accor announced the acquisition of three iconic brands, namely Fairmont, Raffles and Swissôtel. The deal saw Accor expand its portfolio of luxury hotels to 500, including the Savoy in London and Raffles hotel, Singapore. 

The hotel group is also planning to expand its budget ibis and Novotel brands in the UK with three new hotels opening in 2016 and 2017.