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, 13.7.2021  
C(2021 ) 5328 final  
PUBLIC  VERSION  
Keys REIM  
24, rue des Capucines   
75002  – Paris   
France  
 
Accor S.A.  
82, rue Henri Farman  
92130 – Issy-les-Moulineaux  
France  
Subject : Case M. 10250  –  ACCOR / KEYS / 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 11 June 2021 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which Keys REIM 
(‘Keys’, France), ultimately controlled by the BPCE group (‘BPCE’, France), through 
a newly created joint venture (LeaseCo, Franc e) and Accor  S.A. (‘Accor’, France) , 
through a newly created joint venture (ManCo, United Kingdom ), acquire within the 
meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of the 
Hotel Portfolio . The concentration is accomplished by w ay of purchase of shares in a 
newly created company constituting a joint venture and by way of contract.3 
2. The business activities of the undertakings concerned are:  
 for Keys:  an asset management company specialised in the acquisition and 
management of real estate assets, ultimately controlled by the French banking 
group BPCE . The assets managed by Keys are mainly located in France , 
                                                 
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 241, 21.6.2021, p. 20. 

2  for Accor: a hotel group whose shares are list ed on NYSE Euronext Paris. Accor 
is mainly active in the hotel sector as a hotel manager and franchisor in Europe, 
Asia, the Middle East, Africa, North and Central America and South America. 
Accor also marginally runs a casino business,  
 for Hotel Portfolio : consists of 17 trading hotels and 6 pipeline hotels, mostly of 
the upper midscale and upscale comfort categories, located in Austria (Vienna), 
Denmark (Copenhagen), Germany (Berlin, Cologne, Duesseldorf, Frankfurt, 
Hamburg, Munich), France (Bordeaux, Hos segor, Lyon, Marseille, Paris), Italy 
(Florence) and Switzerland.  
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(c) and 6 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 no tified 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 Commission  
 
 
(Signed)  
Olivie r GUERSENT  
Director -General  
 
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .