Strategic vision and outlook
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.
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.
Accor strengthens its market leadership in Brazil by acquiring
the Posadas hotel chain.
Throughout the year, Accor works on revitalizing its brand portfolio.
In the Economy segment, it implements the ibis mega-brand
project that enables more than 1,500 hotels to embrace the
new ibis, ibis Styles and ibis
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.
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 twomost 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 the interest in
Australian hotel owner TAHL for a total of €100 million.
In 2014, Accor began an in-depth transformation of its organization
around two separate but strategically related businesses – hotel
operator and brand franchisor HotelServices and hotel owner
and investor HotelInvest.
It also pursued its development in fast-growing regions, particularly
in the Asia-Pacific region, and acquired hotel portfolios in
Switzerland, the United Kingdom, Germany and the Netherlands,
representing a total of 110 hotels.
In addition, Accor forged alliance with Huazhu and reinforced the
existing partnership with Orbis to guarantee new development
capabilities in China and Central Europe respectively and acquired
a 35% stake in Mama Shelter, a source of inspiration for new,
innovative «lifestyle» concepts.
Lastly, the Group launched its five-year, €225 million digital plan to
streamline and personalize its communications with customers,
employees and partners.
1.5. STRATEGIC VISION AND OUTLOOK
Accor had a highly eventful year in 2014, due in particular to the
deployment of the new strategy defined by its Chairman and Chief
Executive Officer, Sébastien Bazin, and unveiled in November 2013.
Following on from the announcement, operations were quickly
which were up
and running by the end of first-quarter 2014. The new organization
has reaffirmed the strategic nature of our two traditional areas of
expertise – asset management and owner services – by separating
the related functions, responsibilities and objectives to build a more
efficient business model. The 1,354 HotelInvest hotels are being
operated by HotelServices under management contracts.The two
businesses have their own reporting process, based on separate
income statements, cash flow statements and balance sheets, but
are managed by a single Executive Committee. Strategic support
functions, such as Finance, Human Resources, Legal Affairs and
Communications, are still centralized at corporate level.
A large number of major transactions were carried out in 2014,
the purchase of three property portfolios comprising a total of
110 hotels previously operated under variable lease contracts,
for nearly €1 billion;
the acquisition of a 36.6% stake in the Mama Shelter boutique
the deepening of the partnership with our majority-owned Orbis
subsidiary, Poland’s leading hospitality group, by awarding it the
exclusive use of Accor brands in Central Europe;
the signature of a long-term partnership with Huazhu (China
Lodging) to step up the expansion of our brands in China and
develop extensive synergies in distribution and loyalty programs;
the completion of several refinancing transactions to support
corporate strategy during the year, for a total of €3.7 billion.
In addition, on October 30, Accor presented the main aspects of
an ambitious digital plan designed to position the Group and its
brands among the hospitality industry’s most innovative companies.
It is backed by a capital budget totaling €225 million between now
Registration Document 2014