Accor S.A. is a French multinational hospitality company that owns, manages and franchises hotels, resorts and vacation properties. It is the largest hospitality company in Europe, and the sixth largest hospitality company worldwide. Accor operates in 5,300 locations in over 110 countries. Its total capacity is approximately 777,714 rooms. It owns and operates brands in many segments of hospitality: Luxury (Raffles, Fairmont, Sofitel), premium (MGallery, Pullman, Swissôtel), midscale (Novotel, Mercure, Adagio), and economy (ibis, hotelF1). Accor also owns companies specialized in digital hospitality and event organization, such as onefinestay, D-Edge, ResDiary, John Paul, Potel & Chabot and Wojo. The company is headquartered in Issy-les-Moulineaux, France, and is a constituent of the CAC Next 20 index in the Paris stock exchange. History From Novotel to Accor In 1967, Paul Dubrule and Gérard Pélisson founded the hospitality group Société d'investissement et d'exploitation hôteliers (SIEH) and opened the first Novotel hotel outside Lille in northern France. In 1974, the first Ibis hotel was launched in Bordeaux, France. Ibis was then considered a light version of Novotel. In 1975, Novotel-SIEH acquired the restaurant brand and the Mercure hotels. In 1980, Novotel-SIEH acquired the Sofitel hotels (43 hotels). In 1981, Novotel-SIEH entered the Asian market with the opening of a Novotel in Singapore. 1983: Birth of Accor In 1983, Novotel-SIEH acquired and merged with the group Jacques Borel International to create the Accor group, which was introduced to the Paris stock exchange the same year. Accor is based on the word "Accord" meaning "agreement" in French. In 1984, Accor bought the Quiberon thalassotherapy center, which became the first of the Thalasso Sea & Spa brand, and acquired the fine catering company Lenôtre the following year. In 1985, the firm launched Formule 1, a brand of low-cost hotels. The buildings themselves were modular blocks manufactured in factories and assembled onsite to minimise costs. In 1990, the firm acquired the economy lodging company Motel 6 (536 motels in the United States). In 1991, it acquired the Compagnie Internationale des Wagons-Lits, which owned Pullman Hotels and Resorts, Altea, and Europcar. Accor also launched another economy hotel, Etap Hotel. In 1994, it merged the Compagnie Internationale des Wagons-Lits with Carlson Travel Network to create Carlson Wagonlit Travel (now CWT). "Asset-light" realignment In the mid-90s, Accor shifted its interest towards luxury and premium brands, and moved towards an asset-light model to focus on brand and product management, rather than property