When Accor is not busy buying brands or launching new activities, it oversees their development.
Accor has signed its first multi-property master agreement with Asset World Corporation (AWC), a Thailand-based integrated lifestyle real estate group, which plans to develop more than 1,000 rooms across the country and across multiple brands Accor.
Under the agreement, AWC will develop properties under Accor’s various luxury and lifestyle brands, including Raffles, Fairmont, Sofitel and its Ennismore portfolio, which Accor acquired in 2021and now offers brands such as The Hoxton, Mama Shelter and SLS.
Accor has never been accused of being an addition-by-subtraction business. In fact, for Accor, the more the merrier. It now has 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 accommodation 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 currently has 20 hotels.
“Accor has always been a pioneer in expanding to new frontiers, working with owner partners who understand our vision for the future of hospitality,” said Garth Simmons, CEO, Accor Southeast Asia, Japan and South Korea. “I believe Accor’s expertise and strength in the hospitality industry will complement AWC’s leadership position in the lifestyle real estate industry in Thailand.”
Bangkok-based AWC operates across multiple asset classes, including hospitality, retail, trade 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 his website, he also has a slew of properties under development in Bangkok, Pattaya and Chiang Mai. In total, AWC owns 19 hotels with more than 5,000 keys. None of them, for now, is an Accor brand.
“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 Chairman of AWC. “The collaboration will mark the beginning of more exciting projects in the future to support the growth of Thailand’s tourism industry while continuing AWC’s mission of ‘Building a Better Future’.”
Accor has been active throughout Asia-Pacific, including Australia and New Zealand, where it already controls a large footprint.
“2023 will be another strong year of growth and community investment for Accor,” said Sarah Derry, CEO of Accor Pacific.
New Accor properties to open in 2023 in the region include Manly Pacific – MGallery (opening January); Pullman Sydney Penrith (opening in the fourth quarter); Mercure Hotel Cairns (opening in January); JO&JOE Auckland Fort Street (opening in the 3rd quarter); and TRIBE Auckland Fort Street (opening Q3).
Accor has 5,300 properties and 10,000 restaurants in 110 countries around the world.
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