In 2015, AccorHotels had been a "sleeping giant for far
too long," allowing online travel agencies and industry disruptors like
Airbnb to lead innovation, Bazin said. Following its acquisition of marketing
platform Fastbooking that year, the company transformed its digital platform,
but Accor's 2016 moves suggest the giant is wide awake.
In February, Accor announced investments in alternative
lodging providers Squarebreak, based in Paris, and Oasis Collection,
headquartered in Miami. "I have no intention of confronting Airbnb,"
Bazin said at the time. "We are just extremely determined. … The market is
evolving in such a way that growth will come through these secondary
residences."
In April, the company acquired luxury home rental business
Onefinestay for €148 million. Bazin said the purchase fuels the transformation
of Accor's business model to capitalize on the private rentals market and to
strengthen Accor's presence in the luxury market. Accor continues to diversify.
In July, it acquired a majority stake in concierge service John Paul, and in
October, it launched hotel-meets-hostel brand Jo&Joe.
Not to be overshadowed among Accor's 2016 initiatives,
however, is the company's purchase of Fairmont parent FRHI for $840 million
cash and 46.7 million new Accor shares. "We are positioning ourselves as a
key player in the current industry-consolidation process while maintaining
substantial leeway to implement our transformation plan," Bazin said when
the deal was announced. The transaction, which closed in July, gives Accor a
serious foothold it previously didn't have in North America and in the luxury
space. In Accor's third quarter, the company saw a €145 million year-over-year
revenue bump as a direct result of its FRHI acquisition.