FRENCH hotel chain Accor has paid 252 million euros for a
28.9% stake in Club Med – making it the main shareholder.
It has bought the 21.2% of shares held by the Agnelli Group
and the 7.7% held by Caisse des Depots et Consignations.
Subject to approval by competition authorities, the
acquisition is part of Club Med’s plans to move its product upmarket.
The news comes as Club Med reveals it has reduced its winter
losses for the six months to end of April to 4 million euros, compared to 29
million euros in winter 2003. Winter operating income was up at 32 million
euros, compared to 12 million euros in winter 2003.
Revenues were 784 million euros for the period, compared to
785 million for the first half of winter 2003.
The US was the best performing destination, while Asia saw an
upturn and France showed “resilience in a lacklustre market”.
Club Med chairman Henri Giscard d’Estaing said: “The
association of Club Med with one of the industry leaders as its partner in
development represents an exceptional opportunity for Club Med to become the
undisputed leader in the sector of upscale, friendly holidays.”
The bid to move the Club Med brand upmarket sees the opening
of new premium villages. These include the four-Trident La Palmeraie, in Marrakesh
(opening this weekend), the El Gouna in Egypt and Coral Beach in Israel, both
three-Tridents.