Accor Names Sebastien Bazin as New Chairman & CEO

Paris-headquartered Accor, the French hotel group, has appointed Sebastien Bazin as its new chairman and CEO replacing Yann Caillere, who has left the company. Accor earlier this year terminated Denis Hennequin as chairman and CEO following poor financial results. Bazin has now ended all his duties at Colony Capital, which he had been heading since 1997 and which is a major shareholder in Accor. The hotel group has roughly 3,500 hotels in 92 countries.

Meanwhile, Philippe Citerne has been appointed as vice-chairman of Accor's board of directors. Citerne said the board considered Bazin as the best choice for Accor because of his understanding of Accor, his experience in the hotel sector and his strong international culture. Gerard Pe´lisson and Paul Dubrule, co-founders of Accor said they supported Bazin’s appointment during the board meeting. “We have known Se´bastien for over 10 years,” they said. “We have always had frank and direct relationship with him. He has proven his commitment to this group that we founded more than 40 years ago, and to its values.”

Bazin, 51, began his career in the finance sector in 1985 in the United States. Back in France in 1990, he was named director of the investment bank Hottinger Rivaud Finances and then, in 1992, decided to enter the hotel sector by becoming CEO of Immobilie`re Ho^telie`re company, which specialized in high-end hotel developments.

In 1997, he joined Colony Capital with to install and develop from Paris the European branch of the private investment firm founded in 1991 in Los Angeles by Tom Barrack. Within 15 years, he established Colony Capital among the European leaders of the industry, with more than €7 billion under management on behalf of French and international renowned investors.

At Colony Capital, he managed and participated in a number of investments in the hotel sector, including the buyout of the luxury hotel chains Fairmont and Raffles, the acquisition and management of hotel assets from La Ge´ne´rale des Eaux, Club Me´diterrane´e and Accor, the acquisition of a stake in Lucien Barrie`re Group, and the group’s investment in Accor.

Source: Travel Pulse, http://www.travelpulse.com/accor-names-sebastien-bazin-as-new-chairman-ceo.html