Accor’s Demerger Will Not Affect Hotel Expansion In Mideast
French company Accor’s plans to increase the number of hotels in the Middle East will not be affected by Accor’s plans to split its service voucher unit from its hospitality division. Accor Hospitality Middle East previously announced it would increase its 29 hotels to 45 by 2011. An Accor spokesman said “The demerger will not affect the hospitality division’s expansion plans, especially pertaining to the Middle East. We are still committed to growing our brand in the region”
The spokesman said Accor’s growth strategy for the Middle East involves franchising and managing properties, and this will continue. He added the decision to demerge was not made overnight; the board has now voted and will meet again in June 2010 to finalize everything. Accor’s three biggest shareholders welcomed the blue-chip company’s planned split, and the company’s stock has risen 9 percent since August 27 when CEO Gilles Pellison revealed he was considering a demerger.
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