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France’s Accor, Turkey’s Rixos form luxury resort joint venture

France’s Accor, Turkey’s Rixos form luxury resort joint venture

The venture will manage and develop properties in the UAE and other countries

French hotel company Accor has announced a joint venture partnership with Turkey’s Rixos that will develop and manage upscale, luxury and resort properties in markets including the UAE, Egypt, Russia and Europe.

Under the plans, AccorHotels said it will integrate 15 properties under the joint venture, in which it will take a 50 per cent stake.

In turn, Rixos will rebrand five city-centre properties under the French group’s brands and place them under its management.

The Turkish company will also place its second Dubai property, due to open in Jumeirah Beach Residence, under the venture as well as two others in Abu Dhabi and the Maldives by the end of 2018.

The financial terms of the deal were not disclosed.

“Our collaboration is part of Rixos’ objective for further expansion and growth globally with a strong partner in the hospitality industry. Combined with our partner’s strong brand portfolio, reservation and sales network supported by a wide range of digital marketing activities, Rixos will expand its current geographic footprint & customer base,” said Fettah Tamince, founder and chairman of Rixos.

Tamince added that Rixos customers would be able to participate in Accor’s Le Club loyalty programme.

The agreement comes less than a year after Accor’s $2.9bn acquisition of the Raffles and Fairmont brands, with executives indicating in July the company was targeting growth in the Middle East luxury segment.

Read: Accor targets luxury growth in ME following FRHI takeover

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