Accor in talks over HotelInvest sale
The owner of the Mecure and Ibis chains is planning to spin its hotel investment arm off in to a separate business to allow the core firm to expand.
Accor said that once the deal is complete it will have ‘greater financial flexibility’ to develop new products and ‘seize new growth opportunities’.
In this context it announced this week that the updated Gross Asset Value (GAV) of its HotelInvest owned and leased properties, excluding Orbis, is €6.6bn.
This is a slight increase on the €6.5bn expected end-of-year valuation Accor disclosed on 5 October.
Speaking about the planned sale last year, Accor CEO Sébastien Bazin said: "[Turning] HotelInvest into a subsidiary is the new step that offers a wealth of opportunities for AccorHotels...by making it possible to bring in new investors for part of our business, this project will significantly increase the resources available to the group."
New developments
The company has indicated its intention to expand its number of millennial-targeted hotels, including its upcoming budget brand Jo&Joe and through its stakes in Germany’s boutique 25hours Hotels and French firm Mama Shelter.
Earlier this month Accor appointed former Club Med North America CEO Cedric Gobilliard to head up a new lifestyle division encompassing the brands.
It follows the group's £1.9bn takeover of the Raffles, Fairmont and Swissotel owner FRHI in July.
Accor's portfolio includes more than 4,000 hotels, resorts and residencies in 95 countries worldwide.
