PARIS SOCIETY acquired by ACCOR HOTELS

Accor acquired the 62% of Paris Society it did not already hold, taking full ownership of the Parisian restaurant and event group, in a transaction announced in November 2022 and completed in December. The consideration amounted to 330 million euros, and Accor had held 38% of the capital since 2017. At the time of the deal, Paris Society expected revenue of €250m and an EBITDA of €25–50M, an EBITDA margin of [members only], with more than 3,000 employees and around fifty venues. Founder and chairman Laurent de Gourcuff stayed at the head of the company with his management team, and planned twenty to thirty further openings in France and abroad over the following three or four years. For Accor, the purchase extended a move beyond hotel operation into restaurants, nightlife and entertainment, alongside the reopening of the Lido on the Champs-Élysées under the name Lido 2 Paris. Paris Society’s venues occupy landmark Parisian settings, among them Girafe at the Cité de l’architecture, CoCo within the Opéra Garnier and Monsieur Bleu at the Palais de Tokyo, each operated under a concession or lease rather than owned, with restaurants also in Marseille, Saint-Tropez and several ski resorts. Darrois Villey Maillot Brochier advised Accor, with Sekri Valentin Zerrouk acting for Laurent de Gourcuff.

The acquisition of Paris Society is part of the growth strategy of Accor Hotels, which already has several external growth operations under its belt, notably Sbe Entertainment Group in 2021.