If a hotelier strikes you as an unlikely sponsor for a exclusive-reason acquisition enterprise, you really do not know
The French business, whose chains include Fairmont and Sofitel, mentioned Thursday that it wanted to start a SPAC on the Paris stock exchange. The shell corporation would be truly worth about €300 million ($366 million) and scout for targets concentrated on food stuff and drink, flexible doing the job and occasions, amongst other sectors.
SPACs are normally affiliated with American small business tycoons. As a corporation, and a European one particular, Accor would be an unusual sponsor. It is also late to the social gathering: Hunger for SPACs in the U.S. has collapsed in latest months.
However the transfer is not out of character. Accor has acquired a name as the lodge industry’s most enthusiastic corporate customer in current decades. French newspaper Le Figaro reported very last August that Accor was even studying a bid for
proprietor of Getaway Inn—a transfer that would last but not least give the French corporation the significant U.S. organization it craves.
Accor’s “augmented hospitality” system involves attracting all fashion of business enterprise to its lodges, from high-quality dining to workspace providing. The SPAC could carry it a new client at tiny price and most probable a income. Sponsoring the automobiles has been a profitable enterprise, controversially so.
Also, it may possibly be more fun for a European hotel enterprise to think about specials than the grinding article-pandemic restoration.
Write to Stephen Wilmot at [email protected]
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Appeared in the May possibly 22, 2021, print edition as ‘OVERHEARD.’