Disclaimer :

The Competition DG makes the information provided by the notifying parties in section 1.2 of Form CO available to the public in order to increase transparency. This information has been prepared by the notifying parties under their sole responsibility, and its content in no way prejudges the view the Commission may take of the planned operation. Nor can the Commission be held responsible for any incorrect or misleading information contained therein.

SECTION 1.2

Description of the concentration

On 11 June 2021, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) 139/2004 by which Keys REIM (“Keys”) shall acquire the majority of the share capital of, and sole control over, a newly created company (“LeaseCo”). LeaseCo will own hotel businesses located in Austria, Germany, France and Switzerland (together, the “Hotel Portfolio”) which, will mostly be contributed by Accor SA (“Accor”). As part of the notified concentration, hotel management agreements (“HMAs”) will be concluded pursuant to which LeaseCo will delegate the management of the Hotel Portfolio to a dedicated hotel management joint venture controlled by Accor (“ManCo”). The terms of those HMAs will confer to ManCo joint control over the Hotel Portfolio, together with LeaseCo. Accordingly, the transaction will result in a change of control over the Hotel Portfolio from sole control by Accor to joint control, within the meaning of Articles 3(1)(b) and 3(4) of Council Regulation (EC) 139/2004, by Keys, via LeaseCo, and Accor, via ManCo.

Keys, headquartered in France, is an asset management company specialised in the acquisition and management of real estate assets, ultimately controlled by the French banking group BPCE. The assets managed by Keys are mainly located in France.

Accor, headquartered in France, is a French hotel group whose shares are listed on compartment A of Euronext Paris. Accor is mainly active in the hotel sector as a hotel manager and franchisor in Europe, Asia, the Middle East, Africa, North and Central America and South America. Accor also marginally runs a casino business.

The Hotel Portfolio consists of 17 trading hotels and 6 pipeline hotels, mostly of the upper midscale and upscale comfort categories, located in Austria (Vienna), Denmark (Copenhagen), Germany (Berlin, Cologne, Duesseldorf, Frankfurt, Hamburg, Munich), France (Bordeaux, Hossegor, Lyon, Marseille, Paris), Italy (Florence) and Switzerland.

Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel, BELGIË

Tel: +32 229-91111. Fax: +32 229-64301. E-mail: COMP-MERGER-REGISTRY@ec.europa.eu.