AccorHotels Makes Acquisition to Deliver Other Hotel Brands to Travel Agencies

AccorHotels' acquisition spree marches on unabated as Europe's largest hotel group said it will acquire Gekko Group, owner of hotel booking sites that serve 14,000 travel agencies — a majority of which are French. The deal values Gekko at $117 million, or €100 million. The companies did not disclose the terms of the transaction. HLD, a European investment fund, had been an investor in, and minority shareholder of, Gekko. AccorHotels will likely reveal more about the acquisition when it reports its quarterly financials. Founded in 2010, the Gekko Group collectively had €150 million in turnover last year. It claims to be profitable and to have nearly doubled in size in the past year. It said it closed the 12 mo