Accor, the French hotels and services group, plans to almost double the number of hotels in its global portfolio to 7,000 in seven years and, on average, open a new hotel each week in Asia over the next two years.
The world’s fourth largest hotel group is targeting high-growth emerging markets, particularly Brazil and India, for a rapid expansion of brands such as Sofitel, Ibis, Novotel and Formula 1. It also wants to boost its presence in North Africa in Algeria, Morocco and Egypt.
But Gilles Pélisson, Accor chairman and chief executive, told the Financial Times his enthusiasm for fast expansion was not universal across all emerging markets. He advised caution in China, where the group has 96 hotels, saying there was a danger of oversupply in hotel rooms in the world’s fastest growing large economy.