AccorHotels Invests in Turkey-Based Rixos Hotels
Skift Take
We know AccorHotels CEO Sebastien Bazin isn't afraid to be "bold," but we'll wait and see if the bold move of investing in hotels in a region beset with recent tourism struggles will pay off in the long term.
Earlier this week, AccorHotels announced yet another investment, marking the company's second major deal for 2017, following its intended purchase of Travel Keys. The Paris-based hotel company said that, in an effort to expand its growth in the upper upscale and luxury market, it would enter into a long-term joint venture with Antalya, Turkey-based Rixos Hotels.
Rixos operates 20 resorts and hotels primarily in Turkey and the Middle East, and has also invested in Turkey's largest entertainment center, the Land of Legends theme park which opened in July 2016.
Under this partnership, AccorHotels will eventually own a 50-percent stake in the joint venture management company and will integrate 15 Rixos properties into its network. The remaining five city center hotels will be reflagged to AccorHotels brands and will be managed by Accor. Rixos is also planning to add a second hotel in Dubai and two other properties in Abu Dhabi and the Maldives by 2018, and this partne
