2013 Registration document and annual financial report - page 17

Registration Document 2013
15
Corporate Presentation
1
Strategic Vision and Outlook
2012
ƒƒ
As part of its asset management strategy, Accor restructures its
hotel base in North America by selling the Motel 6/Studio 6 chain
for €1.5 billion. Accor announces the sale of the Pullman Paris
Rive Gauche and the sale and management-back refinancing of
such properties as the Pullman ParisTour Eiffel, the NovotelTimes
Square in NewYork and the Sofitel Paris La Défense.
ƒƒ
Accor continues to expand with the opening of 38,000 new rooms
in every segment, mostly under management and franchise
contracts and more than 70% located in emerging markets.
It strengthens its market leadership in Brazil by acquiring the
Posadas hotel chain.
ƒƒ
Throughout the year, Accor works on revitalizing its brand portfolio.
In the Economy segment, it implements the ibis Megabrand
project that enables more than 1,500 hotels to embrace the
new ibis, ibis Styles and ibis
budget
standards, while in the
Upscale segment, it initiates MGallery’s repositioning, led by
its boutique hotels, and launches Mei Jue in China. The Group
also consolidates Sofitel’s image with high-profile openings in
Mumbai, Bangkok and Agadir and enhances Pullman’s image
with a vast renovation program.
2013
Several major projects were completed in 2013, including some
that were initiated in prior years, such as the renovation of a
large number of Pullman hotels, the project to move MGallery
further upmarket and enhance its visibility, and the final stages
of deployment of the ibis megabrand. Progress was also made
on the development strategy, particularly
via
several high-profile
openings in the Middle East, which included the first Pullman hotel
in Dubai and an ibis/Novotel complex in Abu Dhabi.
At the same time, the strategy of optimizing the property portfolio
was pursued, with the two most significant transactions concerning
the sale and management back of the Sofitel Paris Le Faubourg early
in the year for €113 million and the sale of our interest in Australian
hotel owner TAHL for a total of €100 million.
1.5. STRATEGIC VISION AND OUTLOOK
2013 also saw a major shift in the Group’s strategy. Led by newly
appointed Chairman and Chief Executive Officer Sébastien Bazin,
Accor decided to redefine its business model around two strategic
businesses – hotel operator and brand franchisor
HotelServices
,
with a business model focused on generating revenue from fees
and optimizing the income statement, and hotel owner and investor
HotelInvest
, with a business model aimed at improving the return
on assets and optimizing the balance sheet.
The new structure reaffirms the strategic nature of our two traditional
areas of expertise – asset management and owner services – by
separating the relevant functions, responsibilities and objectives to
build a more efficient business model.The 1,400 HotelInvest hotels
will be operated by HotelServices under management contracts.
The two businesses will have their own reporting process, based
on separate income statements, cash flow statements and balance
sheets, but will be managed by a single Executive Committee.
Strategic support functions, such as Finance, Human Resources,
Legal Affairs and Communications, will continue to be centralized
at corporate level.
To facilitate local decision-making and reduce operating costs, Accor
is now organized by region, according to the same rationale in every
market.The brands have been divided into three segments –“Luxury &
Upscale”,“Midscale” and“Economy” – so that they can share support
functions with other brands in their segment. Sofitel, for example,
will now be able to share its expertise more effectively with other
brands in the Luxury & Upscale segment, whose marketing teams
have been relocated to Asia. Accor is now led by a new Executive
Committee that comprises 10 members, including the five regional
operations executives. The new executive management team is
responsible for driving changes in the way we operate, to ensure
clarity, agility and accountability in the decision-making process.
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