CIAM says Accor undervalued, good target for private equity
By Reuters

FILE PHOTO: The logo of French hotel operator AccorHotels is seen on a flag pole at the financial and business district of La Defense in Puteaux, near Paris, France, May 16, 2018. REUTERS/Charles Platiau
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Charles Platiau(Reuters)
LONDON (Reuters) – Accor <ACCP.PA> investor CIAM said on Thursday that Europe’s largest hotel group was undervalued by public markets and a good potential target for a private equity buyer.
Catherine Berjal, CEO of CIAM, also told the Sohn conference in London, that a private equity buyer could dispose of Accor’s non-core assets – its luxury franchises – and return up to 35% of its market cap in cash.
According to a source close to the matter CIAM has less than 1% in Accor, and did not view its investment as an activist position.
The Sohn conference brings together hedge fund managers invited to pitch ideas. Accor declined to comment.
(Reporting by Simon Jessop, Writing by Dominique Vidalon, Editing by Sarah White)