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Wednesday, June 25, 2008

Accor eyes 20-70pc stake in Malaysia hotels

ACCOR SA is keen to take a 20 to 70 per cent stake in the hotels that it operates in Malaysia.

Accor, which is on a aggressive expansion mode in Asia Pacific including Malaysia, operates brands ranging from the budget Formule 1 to the five-star Sofitel.

"Like our strategy globally, Accor want to be an equity partner, especially in economy (class) hotels, as we want to control the product and be consistent (in our service offerings)," Accor Asia-Pacific vice president for Indonesia, Malaysia and Singapore, Gerard Guillouet, said.

"We are looking at anything between 20 per cent and 70 per cent stake. We have started discussions with several hotel owners," he said.

Malaysian Operation: The Novotel Hydro Majestic in Kuala Lumpur

"We are happy to have investments in flagship hotels like Sofitel, Novotel or Pullman," he added.

Investments in four- and five-star hotels should not exceed 30 per cent, while in budget hotels will be up to 70 per cent.

Accor has sold many of its properties in Europe and is now investing some of those funds in new hotels in other parts of the world.

On the performance of its two existing hotels in Malaysia, namely the Sofitel Palm Suite in Johor and the Novotel Hydro Majestic Kuala Lumpur, Guillouet said revenue is expected to increase by 15 per cent this year against 2007.

By New Straits Times

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