Colony’s Bazin takes reins at French hotels group Accor

Accor has named private equity specialist Sebastien Bazin as the French hotel group's new chairman and chief executive in a move expected to speed Accor's asset sales to boost investor returns.

The appointment of Mr Bazin, who has ended all his duties as head of European operations for US investment fund Colony Capital, Accor's largest shareholder, was made at a board meeting yesterday.

Accor, which competes with global rivals InterContinental, Marriott and Starwood, has been divided over how aggressively to conduct its strategy of expanding in emerging markets while accelerating its move towards franchising or managing hotels for others to bolster profit margins.

Potential disposals mainly involve hotels. Accor will unveil its first-half earnings today. – (Reuters)