Accor establishes special purpose acquisition company to diversify operations
To rapidly grow its position in the hospitality market, Accor has historically pursued strategic acquisitions of smaller luxury hotel chains. However, to expand beyond its core markets, Accor has sponsored the Accor Acquisition Company (AAC), a special purpose acquisition company (SPAC). Accor is expected to use AAC to purchase businesses adjacent to the company’s core operations while keeping properties out of Accor’s official holdings.
COVID|Balance Sheet|Product Innovation|Labor|Structural|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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