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Accor, the French hotel group, has signed a partnership deal with Pierre & Vacances to develop apartment hotels in Europe. The equally-owned joint venture involves developing 22 midscale and upscale properties, 14 of which are existing units, with six to be developed by Pierre & Vacances, and the remaining two by Accor.
Five years from now the companies expect to have 50 hotels (6,500 apartments) in operation, with the joint venture managing some ”180m.
Accor director and CEO Gilles P”llison said of the partnership: ”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.”
Pierre & Vacances chairman and CEO G”rard Br”mond said: ”Apartment hotels represent a high growth business and this partnership will enable us to step up our international expansion.”