In November 2013, Accor presented a new growth strategy based on the recognition of two separate but strategically related businesses:

-    hotel operator and brand franchisor;
-    hotel owner and investor.

In line with this distinction, Accor has been reorganized around
two centers of expertise:

HotelServices, the hotel operator and brand franchisor, focuses on providing services to customers and partners and generating revenue from fees. HotelServices encompasses all of the Group’s

3,576 hotels, which represent a total of 461,719 rooms. The main performance indicators for HotelServices are the growth in the hotel network, EBIT margin and more generally the main P&L indicators.
In 2013, 48% of the fees received by HotelServices came from owned or leased hotels;

HotelInvest, the hotel owner and investor, focuses on managing the asset portfolio and optimizing the return on capital employed.

HotelInvest’s main objectives are to optimize its balance sheet, increase the value of its assets and generate cash flow.

All of the 1,387 HotelInvest hotels, which represented 189,525 rooms at end-2013, are operated by HotelServices under management contracts.