Accor to buy Travel Keys
Travel Keys property in Ibiza
Hotel giant Accor has stepped up its battle with Airbnb by moving to acquire 100 per cent of Travel Keys, a company that manages more than 5000 villas in the Caribbean, Mexico, the United States, Europe, Asia and Africa.
Atlanta-based Travel Keys has a focus on guest satisfaction, offering professional vacation planning and 24/7 concierge services.
The price for Travel Keys has not been disclosed. The deal is expected to be finalised in the second quarter of 2017 after appropriate due diligence.
AccorHotels Chairman and CEO, Sebastien Bazin.was enthusiastic about the deal.
“They have built a very robust business over the years that will be instrumental in our strategy to create the number one luxury private rental player in the world,” Bazin told hotelmanagement.com.au.
“Travel Keys brings an impressive portfolio of premium properties to our existing activities. This acquisition further demonstrates our agility and dynamic approach to offer comprehensive services to our clients.”
Accor has been on the acquisition trail,
Last year, it paid $US168 million for London-based start-up onefinestay which offers a portfolio of more than 2600 luxury properties in London, Paris, Rome, New York and Los Angeles.
It also acquired a 49 per cent stake in Squarebreak, a digital platform offering private upscale properties in resort locations. Its primary focus is in France, Spain and Morocco.
Based on the combination of Travel Keys, onefinestay and Squarebreak, AccorHotels will offer about 8500 addresses in the luxury private rental market, with highly curated properties in both the vacation & urban segments.
The acquisitions are important strategically for Accor as it seeks to differentiate itself from Airbnb which has become a business offering a commercial-style accommodation platform where people rent entire homes, villas and apartments.
Accor’s strategy is to differentiate itself by focusing on the luxury serviced holiday home market offering carefully selected properties with hotel-style trimmings.
by Leon Gettler, February 9th 2017
