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Accor in euro252m Club Med buy-in
Accor is to acquire almost 29% of Club Med for euro252 million.
The deal sees historic shareholder the Agnelli Group offload its stake in the global all-inclusive holiday village company to the hotel giant.
Club Med said today: “This transaction is an opportunity for Club Med to strengthen its strategy of moving up market.”
It came as the company reported improved winter revenues, up 2.4% to euro784 million for the six months to April 30 over the same period a year ago. Operating income rose to euro32million against euro12 million 12 months ago and a loss of euro4 million the year previously.
Club Med said: “The growth was driven by a clear improvement in the price mix, reflecting the shift upmarket in the village portfolio and the enhancement in Club Med services.”
The company added that the winter figures demonstrated an improvement in Club Med’s margins in a “persistently travel-unfriendly environment”.
Year to date summer bookings were up 2.4% at the end of May over the same period last year, although bookings in Europe were down 2.1% “confirming the lack of a market receovery and the persistence of late bookings”.
Report by Phil Davies
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