Accor forms JV with Pierre & Vacances for apartment hotels in Europe
Accor and European holiday residences company Pierre & Vacances have formed a partnership to develop a network of apartment hotels in Europe. (2/9/2007)
Creation of the partnership is subject to approval by the European Commission.
According to Accor, the equally-owned joint venture will leverage Pierre & Vacances’ expertise in apartment hotels and will be supported by Accor’s development platform and distribution system.
Gilles Pélisson, director and chief executive officer, Accor said, “This partnership will enable Accor to expand in a segment that offers a strong fit with the hotel business, by leveraging our European presence and the know-how of the Pierre & Vacances Group.”
The venture will comprise 22 managed mid-scale and upscale apartment hotels (3,100 apartments), of which 14 existing units, six apartment hotels being developed by Pierre & Vacances City and two properties being developed by Accor.
“Its objective is to become the European leader in the apartment hotel market, with the creation of a new brand. Five years from now, the network is expected to comprise 50 hotels (6,500 apartments), with the joint venture managing some €180 million in business volume,” stated the company.