5 billion while the group will bring in 2

Fast and strong. Even before to be worn, just a year ago, in the general direction of Accor, Gilles Pélisson was the message with discrete one-on-one: his return in the hotel group and service, a little more than ten years after having left him for Euro Disney, and Suez and Bouygues Telecom, would result in a new dynamic. But the nephew of Gérard Pélisson, co-founder of Accor with Paul Dubrule, was all the more expected at the corner of the wood that his appointment was epilog to the long stormy Jean-Marc Espalioux replacement process. President of the Executive Board since early 1997, it was, indeed, thanked despite a "globally positive" assessment, according to the formula of... Gérard Pélisson.

In the light of this first year, Gilles Pélisson has not disappointed those who saw the company a "belle endormie" and were waiting for the movement. In line with the new Board of Directors, under the Magisterium of Serge Weinberg "excellent" in his role, said , "new-look" branch, led to the not load, has both initiated a process of refocusing the Group on its two major trades hotels and services , amplified the policy of outsourcing or transfer of real estate assets and initiated a review of details of the hotel brands. Trade marks which, moreover, have benefited from a "muscular" communication as evidenced by the sponsorship of the French football Olympique Lyonnais Lighthouse club.

Assignments: in advance program

The broom kick which was the subject the perimeter of the Group was strong. Were transferred to both the last titles in the portfolio of business travel world British specialist of catering Compass Group, the 50 stake in Carlson Wagonlit Travel, the number two, also distributor of tourism products, and 18.4 of the held 28.9 in Club Mediterranee (6 must be kept in a shareholders Pact). Two years after a climb to the capital which left puzzled many commentators, Accor therefore dropped the operator of holiday villages. Vision "to ten years" Jean-Marc Espalioux, convinced of the inexorable growth of the tourism sector, did not take six months. It is expected now without delay in the finalization of the very lucrative sale of Go travel. Several candidates are running, including Financière Agache investment (Group Arnault), chaired by... Jean-Marc Espalioux. About the fate of the American chain of hotels economic Red Roof Inn (337 facilities, including 98 duty-free), subject to a "strategic review", it is sealed, estimated in the hospitality and financial environments where you bet on a disengagement. The new direction was so busy. "We are even a little in advance (note, in terms of assignment of non-strategic assets)", is an administrator. And other operations are visible on the horizon: how, for example, in Italy and the Brazil catering and services on the trains of the Wagons-Lits company are essential for the future of the Group

In parallel, real estate operations are programmed by 2008. They concern 535 hotels, knowing that a potential on 550 others are identified. Beyond pure sales, Accor is looking for the most suitable Park: in internal jargon, the "asset right." This is why commitments are lightened for high range chain Sofitel, high-density capital-intensive.

The number four world hotel is not so from there waived to develop. Does not to increase its fleet by 2010 with the creation of 200,000 42 rooms The bulk of resources sought by this ambitious plan will come from partners. It is expected to provide EUR 7.5 billion, while the group will bring in 2.5. But, most importantly, the Fund continued its expansion in economic hotels and its breakthrough in the famous "BRIC", Brazil, Russia, India and China. Here again, followed by line is made of continuity and acceleration. The same is true of the services industry: announced envelope of EUR 500 million over five years to fuel the external growth is already envisaged sums internally in 2005.

The Sofitel chain given flat

No matter, this comprehensive program has undoubtedly seduced, as Gilles Pélisson, good Communicator, has simplified the message and designated a medium-term horizon. In a context of resumption of the hotel sector and improvement of the results, stock market, now only true justice of the peace for a listed company, has also increased 26,35 in 2006, the 15 th of performance of the values of the CAC 40. "All indicators are green." It is even better than what one could think. "There was a large de facto job within a year", notes, satisfied, an administrator.

If the startup has been a success, the remainder of the route will not be a health walk. In the hotel development project should be held. Less spectacular than the focus, but nonetheless essential, the review of the hotel brands is delicate, even arduous exercise. As to its impact on the activity, they will be tangible only in the medium term. Team Pélisson, who works hard for a year, shall resolve this that some

call to end "problem, Sofitel on the one hand, formula 1 on the other.

Concerning the high chain of high-end, management, conscious of the heterogeneity of a park which has nearly 200 units, opted for a segmentation in three levels: luxury, with a dozen hotels together in a new label that could be labelled "Sofitel Collection" or "Sofitel Luxury." the very high range for the "heart of the network", about 120 institutions; Finally, the high is 50 repositioned institutions. This development in flat will also impact on sign 3 stars Mercure, because some institutions for chain Sofitel, both in France and abroad, are likely to be reclassified "Grand Hotel Mercure". This plan, which is not yet approved, leaves thoughtfully. "Accor complicates matters." Why create a third lower level because there are transfers in mercury ", thus launching an analyst, favourable to a drastic restructuring with a tightening of the Park on 4 stars pure and hard. As the most prestigious institutions, imagine the same analyst, they would pass under the name Raffles in an agreement that could facilitate the American Society of Colony Capital investment, both financial partner of the French group since 2005 with its billion euros in convertible bonds and shareholder of Asian operator... While the staff of Accor, and Yann Caillère, who has supported the string is collète with Sofitel record, the presence at the top of range always debate. Sofitel remains "showcase" and "a very useful key" for access to certain markets, argues the direction. In China and India, the development of the sign will also hand in hand with the expansion of the group in economic hotels.

Of cash to spend

With formula 1, the problem, essentially limited to the French market, appears prima facie more simple: the renovation of this product to success but twenty one years old can no longer delay! However, Accor need overdrive since the initial project designed at the end of the era Espalioux which provided rooms with shower a revolution! was abandoned, being deemed non-viable from an economic point of view. The program, which the new version will be developed this year, it is true, some 280 units.

Other file size: the launch of a second mark 2 stars but "non-standardized" and developed duty-free to the side of Ibis as the Novotel-mercury tandem in segment 3 stars. The initiative, which should occur as early as this year in France, aims to attract independent hoteliers at the same time to meet the expectations of franchisees operating under other signs of Accor. If the idea is well received outside the group, the risk of cannibalization between marks is also underlined.

Moreover, the evolution of the perimeter raises questions. In economic hotels, for example, in cases where the sale of Red Roof American confirms, it lead to wonder about the need to keep his compatriot Motel 6 (867 facilities, including 186 duty-free). In September, Gilles Pélisson has recognized that the réflexiondevait integrate the synergies between the two strings. "The strategic analysis of Red Roof, a regional, without size critical, very concurrencée string, with no clear positioning, is not that of Motel 6, a strong brand national leader, with a waiting list for franchisees", said Philippe Adam, the Director of strategy and the hotel of Accor, adding development: "If the decision to assign Red Roof is made".It will manage the common seat.

The theory also persist on sustainability within the Group of the pole services, little gourmet capital, highly profitable (40.6 of operating margin in the first half) and valued by analysts at EUR 5 billion. But, with a historically low debt rate (31 at June 30), widely covered by the disposals of assets and real estate operations investments, Accor has, admittedly, not really need of cash. He is even able to return to its shareholders after his program of buyback of shares in the amount of 500 million euros or to proceed to the external growth. This could be a record for 2008, is also an administrator, recalling that the group is first set out to "subjects of emergency". Spanish NH Hoteles, among others, could serve as the target.

In the immediate future, the Community financial and stock market expected especially a sign of Colony Capital. The American has in fact, now, to convert its obligations represent a theoretical 11 participation and even disengaging. However, it has already won his initial bet. Entered in Accor on the basis of a price of 39 euros for its bonds redeemable in shares and 43 euros for its convertible bonds, he almost reached its goal of course of 60 euros. But, less than two years after his arrival, in view of the dynamic internal and potential for value creation, it has no intention of "out" and designed a new stock market peak. With backdrop of the recurring dream of analysts: the marriage between Accor and American Marriott International, if complementary.