accor sa (ACRFF) Key Developments
Action Hotels Signs Agreement with Accor Group
Nov 18 14
Action Hotels have signed a Hotel Management Agreement giving Accor Group the long-term management of Action's third hotel in Kuwait. Construction of the 160-room Novotel Hotel is expected to cost approximately $29 million, with an average of $181,000 per room, in addition to the $12.3 million already paid to secure the plot of land. Construction is set to start by mid-2015, with the hotel set to open its doors in 2017.
Marcato Urges Intercontinental Hotels To Consider Merger With Rival
Nov 11 14
Marcato Capital Management, LLC said that Intercontinental Hotels Group plc (LSE:IHG) should consider a possible merger with one of six rivals: Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT), Marriott International, Inc. (NasdaqGS:MAR), Hilton Worldwide Holdings Inc. (NYSE:HLT), Wyndham Hotels and Resorts, LLC, Hyatt Hotels Corporation (NYSE:H) and Accor S.A. (ENXTPA:AC). Marcato said, "Each of these companies would be a fit for IHG by broadening its geographic footprint in the most desirable hospitality markets, expanding chain scale diversification, increasing asset-light earnings, realizing cost savings, improving system fund benefits, and lowering cost of capital." Richard "Mick" McGuire, the founder of Marcato, says in an open letter to shareholders of Intercontinental Hotels that he built up its stake in the business over concerns that the board was not giving due consideration to the strategic alternatives available in the current industry and M&A environment. Marcato said that an all-stock combination with another major hotel operator could deliver a premium upwards of 100% over Intercontinental’s current share price, creating a divserified hotel management company.
Accor Opens Ibis Hotel in Krabi, Thailand
Oct 23 14
Accor has announced with the opening of the ibis Styles Krabi Ao Nang. This newly-built 206-room hotel is just a 20-minute drive from Krabi International Airport and a 15 minute boat ride from Railay Beach. The hotel provides a shuttle service for the short ride to the beautiful beach of Ao Nang alongside restaurants, bars and shops.
Accor S.A. Announces Revenue Results for the Third Quarter of 2014; Provides Earnings Guidance for the Full Year of 2014
Oct 16 14
Accor S.A. announced revenue results for the third quarter of 2014. For the quarter, the company reported total revenue of EUR 1,459 million, up 4.6% like-for-like pro forma and 3.3% as reported. This consolidates the positive trend observed in the first half of the year, resulting in a 3.4% like-for-like increase for the nine months to end-September.
The company confirmed its EBIT target of between EUR 575 and EUR 595 million for full year of 2014.
Accor And Others Reportedly Eye Louvre Hotels
Oct 13 14
Accor S.A. (ENXTPA:AC) is known to be among the potential suitors for the acquisition of Louvre Hotels SAS from Starwood Capital Group, a source close to the matter said. "Accor is looking at the dossier but the process is at an early stage," the source said. French daily Les Echos reported that Starwood looking at divesting Louvre Hotels and Accor was among the buyers that had submitted non-binding offers. The report added that the sale could fetch €1.2 billion - €1.5 billion ($1.5 billion -1.9 billion). Les Echos added that among other potential buyers are PAI Partners, CVC Limited (ASX:CVC), The Blackstone Group, Private Equity Group, and Fonciere Des Murs (ENXTPA:FMU). Accor’s shares were off 0.99% at €31.48.