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Accor might be the latest company to dive into the special purpose acquisition company, or SPAC, merger market.
But the fact that the Paris-based hotel company behind brands like Novotel and Raffles would want to be in the driver’s seat of this kind of deal has analysts predicting this all boils down to keeping real estate holdings off Accor’s balance sheet.
“When public companies like Accor are looking for a SPAC, they probably want to make an acquisition that doesn’t exactly fit with their current business model,” said Nicolas Graf, associate dean at New York University’s Jonathan M. Tisch Center of Hospitality.
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Shanghai-based hotel company Atour might be working towards a massive debut on the New York Stock Exchange, but that doesn’t signal immediate plans for American expansion.
Atour, which owns brands like ZHotel and A.T.House and has leveraged China’s exploding middle class, plans to raise as much as $300 million as part of plans to go public on the U.S. stock market, CNBC reported this week. Its initial public offering could value the company at as much as $2 billion.
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