Accor to Make Acquisitions with Club Med Funds
PARIS, France, June 12, 2006. Accor will make targeted acquisitions, notably of innovative start-up firms, and add hotel rooms with the proceeds from its sale of a 22.9 pct stake in Club Mediterranee, CEO Gilles Pelisson said in an interview published Saturday in the newspaper Le Figaro.
Accor, which currently has 470,000 hotel rooms, plans to add another 200,000 rooms by 2010.
Some will be in emerging markets like China, India and Morocco, and others will reinforce Accor's presence in markets such as Italy and Spain.
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