Accor has reported higher-than-expected first-half operating profits and raised its 2010 guidance, led by a resurgent business travel sector. The improvement was driven by higher occupancy and rates across the group’s Sofitel, Pullman and Novotel brands.
French hotel company Accor agreed to sell 48 hotels in Europe for 367 million euros ($466.7 million) as part of its mission to cut debt and secure growth over the next few years.
French hospitality giant, Accor, plans to almost double the number of hotels in its global portfolio to 7,000 in the next seven years. The €1.4bn expansion will target high-growth emerging markets, particularly in Brazil and India, and will include opening a new hotel every week in Asia over the next two years.
Hotel group Accor has confirmed it is to establish an investment fund with InterGlobe Enterprises to accelerate expansion In India. The French group presently operates eight properties in India in conjunction with InterGlobe, with a further seven presently in the development pipeline.
Accor and InterGlobe announce today the establishment of an investment fund for a portfolio of India hotel assets in which an affiliate of Pacifica Partners (Pacifica) will take a significant stake of up to 36% equity in the fund, subject to requisite regulatory approvals. Accor and InterGlobe will each hold 32% equity in the fund.
International hotel group Accor has won shareholder approval to demerge its hotel and voucher businesses, as the operator looks to add more hotels in the UK and abroad. Following a decision in Paris a new company – Edenred – will be created to continue the voucher business.
Two new Novotel hotels and two new ibis hotels were opened in the Turkish cities of Gaziantep and Kayseri at the beginning of 2010.
Accor employees from around Asia Pacific are winging their way to Thailand, touching down this weekend on the island paradise of Phuket to commence final preparations for the “Accor Race to Survive 2010”.
Sofitel has signed a management contract for the Hainan Tiantuo Investment Exploit Co. Ltd and Jinyi Real Estate Development Co. Ltd’s latest hotel property. The signing ceremony was held on 6 March 2010 to celebrate the merging of these two groups.
Accor announced its strategic expansion plans for Vietnam. This plan includes additional hotels within the Novotel, Mercure hotel brand, launching of the ibis brand and MGallery label and the ambitious goal of doubling the number of rooms under management in the Vietnam by 2012.
Accor, the largest international hotel operator in Vietnam, announced today the opening of Mercure Hue Gerbera. The hotel is now open and welcoming visitors from all over the world to the former imperial capital of Hue.