When Accor isn’t busy buying brands or launching new lines of business, it’s making sure they are being developed.
Accor has signed its first multiple-property framework agreement with Asset World Corporation (AWC), a Thailand-based integrated lifestyle real-estate group, which will call for the development of more than 1,000 rooms throughout the country and across multiple Accor brands.
As part of the agreement, AWC will develop properties under Accor’s various luxury and lifestyle brands, which include Raffles, Fairmont, Sofitel and its Ennismore portfolio, which Accor acquired in 2021, and now features such brands as The Hoxton, Mama Shelter and SLS.
Accor has never been accused of being an addition-by-subtraction-type company. In fact, to Accor, the more the merrier. It now boasts more than 40 hotel brands across all segments of the hotel spectrum, not including some of its travel-adjacent businesses, such as onefinestay, an alternative-accommodations provider similar to Airbnb.
Accor currently operates 373 hotels in Southeast Asia, Japan and South Korea, with 83 hotels operating in Thailand under 11 brands. Its pipeline in Thailand is currently at 20 hotels.
“Accor has always been a pioneer in expanding into new frontiers, working with owner partners that understand our vision for the future of hospitality,” said Garth Simmons, CEO, Accor Southeast Asia, Japan & South Korea. “I believe that Accor’s expertise and strength within the hospitality sector will complement AWC’s leadership position within the lifestyle real estate business in Thailand.”
Based in Bangkok, AWC operates across multiple asset classes, including hospitality, retail, commercial and wholesale, with the bulk of its investments in the hotel space. Its current portfolio includes The Athenee Hotel in Bangkok, part of Marriott International’s Luxury Collection, Le Meridien Chiang Mai, Banyan Tree Krabi and Sheraton Samui Resort. According to its website, it also has a slew of properties under development in Bangkok, Pattaya and Chiang Mai. In sum, AWC owns 19 hotels totaling more than 5,000 keys. None of which, yet, are Accor brands.
“We are delighted to announce this first strategic partnership with Accor to expand our portfolio in strategic locations across Thailand,” said Wallapa Traisorat, CEO and President of AWC. “The collaboration will mark the beginning of more exciting projects in the future to support the growth of the Thai tourism industry while pursuing AWC’s mission of ‘Building a Better Future.’”
Accor has been busy across all of Asia Pacific, including Australia and New Zealand, where it already commands a large footprint.
“2023 will be another strong year of growth and investment in communities for Accor,” said Accor Pacific CEO Sarah Derry.
New Accor properties opening in 2023 in the region include Manly Pacific – MGallery (opening in January); Pullman Sydney Penrith (opening in Q4); Mercure Hotel Cairns (opening in January); JO&JOE Auckland Fort Street (opening in Q3); and TRIBE Auckland Fort Street (opening in Q3).
Accor has 5,300 properties and 10,000 food and beverage venues throughout 110 countries worldwide.