Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels, 18.02.2020  
C(2020 ) 1040 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M. 9727 – ACCORINVEST / ACCOR / HOTEL PORTFOLIO  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 24 January 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which                   
AccorInv est S.A. (Luxembourg)  and Accor (France)  acquire within the meaning of 
Article 3(1)(b) and 3(4) of the Merger Regulat ion joint control over the Hotel 
Portfolio  by way of public bid announced on 17 December 2019 .3 
2. The business activities of the undertakings  concerned are:  
  for AccorInvest: an investment company active in the business of owning and 
operating hotel properties and business. AccorInvest currently operates and/or 
owns 856 hotels located in Europe (Fr ance, Monaco, Austria, Belgium, Germany, 
Greece,  Italy, Luxembourg, Netherlands, Portugal, Spain, Switzerland, United 
Kingdom), America (Argentina, Brazil, Chile, Colombia, Mexico, Peru), Africa 
(Cameroon, Ivory Coast, Senegal) Australia, Japan and Singapore;  
 for Accor: a hotel group which is mainly act ive in the managing and franchising 
of hotels. Accor is mainly active in the hotel sector as a hotel manager and 
franchisor in Europe, Asia, the Middle East, Africa, North and Ce ntral America 
and South America;  
 for Hotel Portfolio: a hotel portfolio consis ting of 73 hotels properties including 
luxury, upscale, upper midscale and economy class hotels and business. The 
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU’) has introduced certain changes, such as the 
replacement of  ‘Community ’ by ‘Union’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 35, 03.02.2020 , p. 6. 

2 Hotel Portfolio is located in the Czech Republic, Hungary, Lithuania, Poland, 
Romania and Slovakia and provides hotel accommodation services i n these 
countries. It is currently owned by the Polish investment firm Orbis, a subsidiary 
of Accor.  
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (b) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agreement . 
For the Commissi on 
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .