Accor in talks to take over French events company Potel & Chabot
Global hotel giant Accor has confirmed it has entered "exclusive" talks to acquire French event and catering specialist Potel & Chabot.
Accor took a stake in the business in 2017. The deal will see it acquire the 63% of the company it does not currently own from Andera Partners and other investors.
Potel & Chabot, also known as Momense, was founded in 1820 and is a leading caterer and luxury events organiser in France and worldwide. It runs events for multinational organisations and private clients and operates hospitality services at sporting and cultural events such as the Roland-Garros tennis tournament and Le Mans 24 Hours race.
The group also manages its own venues, including the Pavillon Gabriel (pictured) and the Hôtel d'Évreux in Paris
In 2023, it is expected to generate revenue of around €130m (£111.4m).
The terms of the deal were not disclosed, but it is expected to close this autumn and will see Potel & Chabot join Accor's luxury and lifestyle division.
Accor said acquiring the expertise of the "distinguished brand" would help it offer premium services and tailored reception events to guests.
Wider results
The hotel giant today reported strong half-year results and said revenue per available room (revpar) had risen 38% on 2022, with demand expected to remain strong for the coming months.
Revenue in the first six months of 2023 rose 39% to €2.4b (£2.06b) while earnings before interest, taxes, depreciation and amortisation (EBITDA) more than doubled to €447m (£383m).
Accor said it expected overall revpar growth of up to 20% in 2023.
EBITDA for the year is now expected to be between €930m (£797m) and €970m (£831m), around €10m (£0.8m) higher than previously predicted.
Sébastien Bazin, chairman and chief executive of Accor, said: "Half-year activity growth was very strong across all of our brands and markets. This momentum should continue for the coming months, driven by robust demand in both leisure and business tourism."
Accor's brands include Raffles, Fairmont and Mercure, and it also has a controlling stake in Ennismore.
It is one of the world's largest hospitality companies with more than 5,400 properties and 10,000 food and beverage venues in more than 110 countries.