The French hotel group, Accor, is continuing its expansion with the recent announcement of its acquisition of 100% of the shares of Paris Society for a sum of 330 million euros. Paris Society is a highly popular and trendy group known for its exceptional venues in France. This acquisition is part of Accor’s strategy to diversify its activities, which began in 2016. Alongside its portfolio of 40 brands in the hotel sector, with a presence across 110 countries and over 5,200 hotels worldwide, Accor has ventured into luxury residences, co-working spaces, concierge services, and catering and events.
Accor was already familiar with Paris Society, as it previously held 38% of the shares. Now, the French hotel group owns the entirety of the company. The allure of Paris Society is evident, with a turnover of 225 million euros in the last year, over 3,000 employees, and a portfolio of around fifty exceptional venues. These venues, including restaurants, clubs, guinguettes, and event spaces, are strategically located in popular destinations such as Paris, Marseille, Saint-Tropez, and major ski resorts. Despite the acquisition, Laurent de Gourcuff, the founder of Paris Society, will continue to lead the company.
Furthermore, this acquisition is aligned with Accor’s goal of strengthening its luxury offering. In July, the hotel group announced its intention to refine its positioning to consumers, particularly through the establishment of a “Luxury & Lifestyle” division. This division focuses on prominent brands like Raffles & Orient Express, Fairmont, Sofitel & MGallery, and Ennismore. Accor’s CEO, Sébastien Bazin, emphasized that the evolvement of the organization is a natural progression in their ongoing transformation. The aim is to enhance Accor’s appeal to talents, owners, partners, and investors by transitioning from a generalist model to a multi-specialist one.
In conclusion, Accor’s acquisition of Paris Society enhances its presence in the luxury and lifestyle sector, adding to its already diverse portfolio of brands and activities. The move reflects the company’s commitment to growth, innovation, and capitalizing on its leadership positions to accelerate development and improve performance.
Useful links:
– [Accor group website](https://www.accor.com/en.html)
– [Paris Society website](https://www.paris-society.com/en/)
