{"id":3264,"date":"2015-12-08T17:52:06","date_gmt":"2015-12-08T22:52:06","guid":{"rendered":"https:\/\/digital.hbs.edu\/platform-rctom\/submission\/accor-the-winner-takes-it-all\/"},"modified":"2015-12-09T16:22:44","modified_gmt":"2015-12-09T21:22:44","slug":"accor-the-winner-takes-it-all-even-more-behind-the-walls","status":"publish","type":"hck-submission","link":"https:\/\/d3.harvard.edu\/platform-rctom\/submission\/accor-the-winner-takes-it-all-even-more-behind-the-walls\/","title":{"rendered":"Accor: The winner takes it all, even (more) behind the walls"},"content":{"rendered":"<p><strong>Accor is the world\u2019s largest hotel operators\u00a0 across the globe<\/strong>.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=loSDT1MW6nA\">https:\/\/www.youtube.com\/watch?v=loSDT1MW6nA<\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/Sofitel.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-3063\" src=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/Sofitel-300x200.jpg\" alt=\"Sofitel\" width=\"300\" height=\"200\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2015\/12\/Sofitel-300x200.jpg 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2015\/12\/Sofitel.jpg 500w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a> <a href=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/Sofitel-Noumea.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-3061\" src=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/Sofitel-Noumea-300x165.jpg\" alt=\"Sofitel Noumea\" width=\"300\" height=\"165\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2015\/12\/Sofitel-Noumea-300x165.jpg 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2015\/12\/Sofitel-Noumea.jpg 600w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a> <a href=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/Sofitel-Champs-Elysees.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-3060\" src=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/Sofitel-Champs-Elysees-300x213.jpg\" alt=\"Sofitel Champs Elysees\" width=\"300\" height=\"213\" srcset=\"https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2015\/12\/Sofitel-Champs-Elysees-300x213.jpg 300w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2015\/12\/Sofitel-Champs-Elysees.jpg 1024w, https:\/\/d3.harvard.edu\/platform-rctom\/wp-content\/uploads\/sites\/4\/2015\/12\/Sofitel-Champs-Elysees-600x427.jpg 600w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Accor Hotels\u2019<\/strong> (AH) business model focuses on <u>welcoming: <\/u>Welcoming guests, partner hotels under Accor Brand, and welcoming independent hotels under their web portable. The firm has remarkably shifted its focus and aligned business and operating models. Accor brings brand, customer experience, and hospitality features (rooms, food &amp; beverage, customer fidelity) to the world across the 3700+ establishments it manages through franchise, ownership, management contracts.<\/p>\n<p>AH is definitely a winner. The Business model has indeed shifted the operating model, from Hotel owning to brand operating.<\/p>\n<p>The operating and business models are currently aligning, supporting each other: resources made from leaning real estate are reinvested in web presence, geographic expansion and brand building, which in turns fuels better real estate portfolio and ability to generate higher returns.\u00a0The core of the operating model is its ability to expand through different channels rapidly \u2013 the internet is becoming a source of income as a platform versus a brand vector only-\u00a0and allowed AH to reduce its dependence on Online Travel Agencies. Under Sebastien Bazin\u2019s leadership, AH has rebalanced its focus on hospitality operations, heavily investing in online presence to dispute online travel agencies (\u201cOTA\u201ds such as expedia, booking.com\u2026) costly channel and margin intermediation, after having freed resources.<\/p>\n<p><iframe loading=\"lazy\" title=\"Meet The Players - S\u00e9bastien Bazin, Chairman &amp; CEO, Accor Hotel Group\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/p4MqCxlB4HU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>AH has significantly decreased its capital intensity in recent years, to lighten its structure and free up resources (<strong>see<\/strong> <a href=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/Graphs.pdf\" target=\"_blank\">Graphs<\/a>).<\/p>\n<p>&nbsp;<\/p>\n<p>AH current operating model and business strategy\u00a0lie in two axes:<\/p>\n<p><span style=\"text-decoration: underline\"><strong>1- Separate management business &amp; asset businesses<\/strong>:<\/span> AH has split its investment business and would potentially list it, acknowledging its focus on hotel management. Bazin however admitted that selling assets hasn\u2019t always been a good deal for AH. AH is hence taking the opportunity of this asset split to <u>divest from low to average performing hotels<\/u>, while keeping strategic <u>high performing hotels<\/u> under ownership, generating more resources to in-turn invest in significant opportunities. This skimming translated into higher operating performance.<\/p>\n<div><span style=\"text-decoration: underline\"><strong>2- Focus on digital capabilities<\/strong>:<\/span> AH has invested \u20ac250M to build and expand in-house ebooking capabilities, through an internet portal, in a move to halt OTAs\u2019 incursion within its business model (and regain the intermediation fee OTAs charge). Boosting internet bookings, AH has increased customer loyalty, and reduced reliance on commissioned-third parties. It even generated new revenues by opening up the portal to third party hotels, increasing the value of its visitor flow, and reducing customer acquisition cost. This move is critical in aligning AH\u2019s refocus: the Group builds new revenues <u>as a Hotel Operator<\/u> by providing third parties (independent hotels) a booking service, generating further traffic for its own hotels and disintermediating online rivals . This move allowed AH to rely more on its own booking system than on OTAs, surpassing American rivals (who rely by 20% on OTAs). It also helps AH to attract more independent hotels to join its brand. Accor plans to roughly triple the number of hotels available on its websites<strong>. <\/strong>It is currently in testing with just 3 hotels, but Accor says that it has been approached by 500 hotels who want to join the system. Increasing the number of its hotel offer will lower customer acquisition costs for its own hotels, by making Accor Hotels a more effective destination for customers planning travel. It will also allow Accor to bid more effectively for search terms, as it will have a broader coverage of any city, increasing its conversion ratio.<\/div>\n<div><\/div>\n<div>This realignment of the operating model has paid off, providing AH significant strategic impact over its peers: least reliance on OTAs, and sustained higher operating margins . <strong>See the<\/strong> <a href=\"https:\/\/i4tsk12in2b2y7uts14c528g-wpengine.netdna-ssl.com\/wp-content\/uploads\/sites\/4\/2015\/12\/KPIs.pdf\">KPIs<\/a><\/div>\n<p><span style=\"text-decoration: underline\">Bazin comments on these results, summarizing the alignement strategy<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><iframe loading=\"lazy\" title=\"Accor CEO Sebastien Bazin\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/VBBKvxcQ6sI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: left\">Finally, AH will use its improved investment capacity to further expand, more specifically in North America. It has named a new US CEO, Christophe Alaux,\u00a0and has an active pipeline of investments to boost hotels under management in the US.<\/p>\n<p style=\"text-align: left\">\n<p style=\"text-align: left\">UPDATE 12\/09\/15: Accor Just announced its acquiring of FAIRMONT RAFFLES HOTELS, Confirming our note on its wish to expand in North America.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em><strong><u>Sources:<\/u><\/strong><\/em><\/p>\n<p><em>Personal phone and email exchanges with Christophe Alaux, CEO, Accor North America, Member of Accor Executive Committee<\/em><\/p>\n<p><em>http:\/\/www.accorhotels-group.com\/en\/finance\/financial-library\/annual-and-half-yearly-information.html<\/em><\/p>\n<p><em>http:\/\/www.hotelnewsnow.com\/Article\/16698\/Hoteliers-worry-about-OTA-mega-agency<\/em><\/p>\n<p><em><a href=\"http:\/\/www.accorhotels-group.com\/fileadmin\/user_upload\/Contenus_Accor\/Finance\/Documentation\/EN\/\">www.accorhotels-group.com\/fileadmin\/user_upload\/Contenus_Accor\/Finance\/Documentation\/EN\/<\/a><\/em><\/p>\n<p><em>Morgan Stanley brokers\u2019 note, August 4, 2015, \u201cAccor, Buy On Weakness\u201d<\/em><\/p>\n<p><em>Exane BNP Paribas brokers\u2019 note, February 26, 2015\u00a0: \u201cWhat\u2019s behind the walls\u201d<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How Accor has shifted its operating focus, leaning assets but boosting presence<\/p>\n","protected":false},"author":1295,"featured_media":4893,"comment_status":"open","ping_status":"closed","template":"","categories":[],"class_list":["post-3264","hck-submission","type-hck-submission","status-publish","has-post-thumbnail","hentry"],"connected_submission_link":"https:\/\/d3.harvard.edu\/platform-rctom\/assignment\/the-tom-challenge-tom-winners-and-losers-assignment\/","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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