In line with its communicated strategy and timeline, Accor announced the completion of its asset-light roadmap with the disposal of Orbis and the sale & management back of the Mövenpick leases.
Together with the recent disposals of a 5.2% stake in AccorInvest and a 5% stake in Huazhu, Accor further strengthens its financial capacity:
– to engage incremental shareholder returns,
– to pursue bolt-on acquisitions of asset-light hotel companies,
– to continue reinforcing its credit profile and investment-grade status.
After the repurchase of 7.5% of its share capital for €850m over the last 18 months, Accor announces a €1.0bn return to shareholders, to be executed over the next 24 months. This will include circa €300m to complete the 2018 share buy-back plan. Terms and modalities will be detailed during the FY 2019 results presentation on February 20th, 2020.
Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said: “Accor has now become a fully asset-light group. By combining a two-year €1.0billion shareholder return program with the pursuit of a targeted acquisition strategy, the Group demonstrates the strength of its new model and its ability to rigorously execute its strategic roadmap. We are now focused on the organic growth of our portfolio, the strengthening of our leadership in our key markets, the attractiveness of our brands for our customers and our owners and an unwavering commitment to promoting our values and a distinctive vision of hospitality.”
Sebastien Bazin, Chairman & CEO, and Jean-Jacques Morin, Deputy CEO & CFO, will be hosting a Conference Call today at 6:30pm CET.