Registration Document 2013
Accor sells two other US Sofitel units in NewYork and Philadelphia
to a joint venture comprised of GEM Realty Capital, Whitehall
Street Global Real Estate Limited Partnership and Accor. Accor
remains a 25% shareholder in the venture and continues to
manage the hotels under the Sofitel brand through a 25-year
As part of the on-going shift in the Hotels business model, Accor
sells 47 hotel properties in France and 10 in Switzerland to a real
estate consortium comprising two investment funds managed by
AXA Real Estate Investment Managers and Caisse des Dépôts
et Consignations. Accor will continue to operate the hotels under
12-year leases with variable rents and no guaranteed minimum,
renewable six times per hotel at Accor’s option.
Also as part of the sustained implementation of the Hotels strategy,
Accor sells 30 hotels in the United Kingdom to Land Securities
and leases them back under 12-year leases with variable rents
and no guaranteed minimum, renewable six times.
In addition, a memorandum of understanding is signed with Moor
Park Real Estate for the sale of 72 hotels in Germany and 19 in
the Netherlands. Accor will continue to operate the units under
similar leaseback conditions.
Accor Services acquires Kadeos, Prepay Technologies,
and Surf Gold.
Red Roof Inn is sold to Citigroup Inc.’s Global Special Situations
Group and Westbridge Hospitality Fund II, LP.
The Italian foodservices business is sold to Barclays Private Equity.
28,400 new rooms opened during the year.
Accor Services acquires 80% of Quasar, a German loyalty and
incentive program operator.
As part of its strategy of refocusing on its two core businesses,
Services and Hotels, Accor sells its remaining 50% stake in the
Brazilian foodservices business to Compass Group.
Pursuing its asset-right strategy, Accor sells the Sofitel The
Grand hotel in Amsterdam under a sale and management-back
arrangement for an enterprise value of €92 million.
In line with its commitment to expanding the Hotels business
in Central Europe, Accor raises its interest in the Poland-based
Orbis hotel group to 50% by acquiring an additional 4.53% stake
in the Company.
Accor launches A|Club, a free cross-brand loyalty program that
earns points inmore than 2,000 hotels and 90 countries worldwide.
Accor continues to expand worldwide with the opening of 28,000
Gilles Pélisson, Chief Executive Officer, appointed Chairman of
the Board of Directors.
Stake in Groupe Lucien Barrière raised to 49%.
In late August, the Board of Directors approves Gilles Pélisson’s
recommendation to conduct a review of the potential benefits
of demerging the Hotels and Prepaid Services businesses into
two self-managing companies, each with its own strategy and
resources for growth.The findings demonstrate the sustainable,
profitable nature of each business, as well as their ability to
meet the challenges of their future growth and development. At
year-end, the Board of Directors therefore approves the potential
benefits of demerging the two businesses.
In line with its on-going asset-right strategy, Accor announces a
major real estate transaction in the economy segment in France,
with the sale of 158 HotelF1 properties, representing a total of
27,300 new rooms are opened during the year.
Initiated in 2009, the project to demerge the Hotels and Prepaid
Services businesses is approved by shareholders at the Combined
Ordinary and ExtraordinaryMeeting on June 29, 2010 and becomes
effective on July 2 following the initial stock market listing of
Edenred, the new company formed from the Services business.
In line with its asset management strategy, Accor continues to
dispose of non-strategic operations and hotel properties during
the year, including (i) the sale of Compagnie des Wagons-Lits’
onboard rail catering businesses in July, (ii) the sale of two portfolios
of European hotels, one of five hotels to Invesco Real Estate in
February and the other of 49 hotels to Predica and Foncière des
Murs in August, and (iii) the sale and franchise back of 18 hotels
in Sweden in December.
Denis Hennequin is appointed Chief ExecutiveOfficer in December,
then Chairman and Chief Executive Officer in January 2011.
Following the opening of 25,000 new rooms during the year, the
Accor portfolio comprises more than 500,000 rooms at year-end.
Now a pure player in hotels, Accor launches its new corporate
signature: “Open New Frontiers in Hospitality” and revitalizes its
economy brands around the ibis megabrand, with ibis, all seasons
and Etap Hotel being transformed into the new ibis, ibis Styles
and ibis budget brands.
In March, Accor sells its 49% stake in Groupe Lucien Barrière
and in September, completes the disposal of Lenôtre to Sodexo.
As part of its asset-light strategy, Accor confirms its ability to
continue actively managing its assets in order to focus on its
core hotel operator business, with the sale and franchise-back
of its 52.6% stake in Hotel Formula 1 (South Africa), the sale
and variable leaseback of seven Suite Novotel hotels (France)
and the sales and management-back of the Novotel New York
Times Square, Pullman Paris Bercy and Sofitel Arc deTriomphe.
In December, Accor strengthens its presence in Australia and
New Zealand with the acquisition of Mirvac, involving 48 hotels
(6,100 rooms) and a 29.9% equity interest in Mirvac Wholesale
Hotel Fund (MWHF). Accor’s offering in the two countries now
totals 241 hotels across every hospitality segment.
In September, a franchise contract is signed with Jupiter Hotels
Ltd., whose 24 hotels (2,664 rooms) increases to 68 the number
of Mercure hotels in the United Kingdom.
Annual room openings reach a new historic high, with 38,700
units coming on line during the year.