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presented by October France



24 months


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Issy-les-Moulineaux, France



Restaurants and catering services

Presentation of the company

Created in 1960, AccorHotels is the leading hotel group in France and the sixth largest in the world. Led by Sébastien Bazin, the group has 250,000 employees and is based in Issy-les-Moulineaux (92).

The AccorHotels group is a world leader in the travel and lifestyle sectors and a digital pioneer offering unique experiences in more than 4,600 hotels, resorts and residences operating in 100 countries.

With an extended portfolio of internationally renowned hotel brands, ranging from luxury to economy and from high-end to lifestyle brands, AccorHotels has been demonstrating its know-how and experience for 50 years.

Beyond hotels, its core business, AccorHotels has expanded its service offering, by becoming the world leader in luxury private home rental, and now relies on on more than 10,000 exceptional residences worldwide. The Group is also active in the fields of concierge services, coworking, catering, events and digital solutions.

AccorHotels, which relies on a global team of more than 250,000 talents, is committed to fulfilling its primary mission: to make every customer feel welcome. Customers have access to one of the most attractive hotel loyalty programs in the world: the AccorHotels Club.

AccorHotels plays an active role in the local communities where it operates and is committed to sustainable development and solidarity through PLANET 21 Acting Here, a comprehensive program that brings together employees, customers and partners to ensure sustainable growth.

Since 2008, the Solidarity AccorHotels endowment fund has naturally extended the Group’s businesses and values, thanks to the commitment of its employees, by fighting against the social and economic exclusion of the most disadvantaged.

Accor SA is listed on Euronext Paris (ISIN Code: FR0000120404) and on the OTC market in the United States (Code: ACRFY).

Project Description

The group wishes to borrow €100,000 over 24 months as part of the operation Grow Together. For the AccorHotels Group, this is a communication project that will be carried out as part of the operation.

Thanks to the operation Grow Together, 11 major groups will lead the way in diversifying sources of financing for SMEs by borrowing on a lending platform.

Large groups are used to borrowing outside the banking system and diversifying their sources of funding. They have simple and easy access to credit.

In October 2014, a new regulation in France opened a breach in the banking monopoly and allowed SMEs to borrow directly from individuals and institutions, in addition to their banks. Small and medium-sized companies can now do as big as large ones.

Accor, Adecco, Allianz, Arkéa, Edenred, Engie, Iliad/Free, JC Decaux, Suez, Unibail and Webhelp are joining the operation and showing their VSE/SME ecosystem that they can now finance themselves differently, thanks to lending platforms.

By borrowing €100,000 from October, these 11 major companies give their VSE/SME partners the right to borrow up to €1,000,000 each, without any administrative costs.

This project, which is part of the Grow Together operation, is only available to retail lenders on the platform. Unlike all the other projects presented on the platform, institutional investors and October’s management cannot lend to the projects of this campaign.

Analyst’s Opinion

The borrower is a holding company whose revenues are derived from services invoiced to its subsidiaries. The financial analysis was carried out on consolidated financial statements, which reflect the Group’s performance.

With a turnover of €1,937 million in 2017 and an experienced team, the group has a good track record combined with a double-digit operating margin.

AccorHotels has grown over the years through organic growth and strategic acquisitions. Between 2013 and 2016, AccorHotels undertook an operational and financial reorganization as part of its process to improve its business model. In May 2018, AccorHotels sold 65% of its shares in AccorInvest for nearly €4.5 billion

The group has an excellent repayment capacity and a very solid financial structure.

The analysis of the project leads to an A+ rating and an annual rate of 2.5%.


  • Good historical performance based on a diversified customer base of individuals and companies
  • Excellent repayment capacity with a expected FCCR of 2.29.
  • Good brand portfolio with offerings covering different segments and geographic markets

Points of vigilance:

  • An occupancy rate that may fluctuate with seasonality effects specific to the sector