Accor and Huazhu partner to form 鈥榟ospitality powerhouse鈥
Print Edition
FRENCH hospitality giant Accor SA and Huazhu Hotels Group have sealed a strategic partnership to accelerate expansion in China, one of the largest and fastest-growing domestic travel markets and also the world’s largest outbound travel market.
Under the tie-up, Accor’s economy and mid-scale hotel brands in China will become part of Huazhu, a Nasdaq-listed hotel company with a portfolio of over 1,900 hotels covering the full spectrum of the market.
Huazhu, also known as China Lodging Group, will become Accor’s exclusive master franchisee in the Chinese mainland, Mongolia and Taiwan for the economy (ibis and ibis Styles) and mid-scale (Novotel and Mercure) segments, as well as the upscale Grand Mercure brand.
Accor will take a 10 percent stake in Huazhu and have a seat on Huazhu’s board of directors, according to the agreement.
“This ground-breaking collaboration will leverage the strengths of Accor’s global brands with a leading player in Chinese hospitality,” said Sebastien Bazin, chairman and CEO of Accor.
“Joining our brands with Huazhu’s unparalleled local expertise will create a hospitality powerhouse which will deliver unprecedented value to both groups and to our customers.”
Accor and Huazhu share a lot of common values, said Ji Qi, founder, chairman and CEO of Huazhu.
“By combining forces we can facilitate growth and attract more customers to the expanded network,” Ji said.
Accor will continue to own and develop all its luxury and other upscale brands in China, including Sofitel, Pullman, MGallery and The Sebel. Huazhu will take a 10 percent stake to become a minority shareholder in Accor’s luxury and upscale business in China.
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