Accor’s CEO is steering the brand towards more luxury and lifestyle properties. Fortunately, hotel owners are more than obliging. “I’ve been at the helm of this company for the past eight years, and I’ve been trying to wake up a sleeping giant, which Accor has been for a number of years,” Sebastien Bazin told Skift’s […]
PARIS (Reuters) -Europe's biggest hotel group Accor said on Thursday it planned to sponsor a blank-check firm to target acquisitions in the leisure, lifestyle and food sectors. The company said in a statement it expected the special purpose acquisition company (SPAC) to raise about 300 million euros ($365.37 million) with a listing on Euronext Paris, adding that its own investment in the SPAC would not be material. A SPAC is a shell company that raises money in an initial public offering (IPO) to merge with a privately held firm, that then becomes publicly traded as a result.
Shares in French travel and leisure companies, such as Air France KLM and hotels group Accor, fell on Friday after France imposed a month-long lockdown on Paris and parts of the north to curb the spread of the coronavirus. Air France KLM shares were down 2.6% while Accor fell about 1%. Shares in French catering companies Sodexo and Elior were also hit, retreating by about 2%.