Accorhotels purchase group of hotel services in defiance of Airbnb

PARIS-the AccorHotels announced on Wednesday which entered into exclusive negotiations to buy the company of hotel services John Paul in an attempt to strengthen the competition against rival Airbnb online.
Under the terms of the agreement, the AccorHotels, fifth largest group of hotels in the world, will buy 80% of John Paul for about 150,000,000 dollars in stock and debt.
"With John Paul, will be able to provide services to people who have never been in Accor hotels," said the Chief Executive of hotel chain, Sebastien Bazin.
John Paul offers concierge services to nearly 3,000,000 customers, most of the banking sectors, automotive, tourism and luxury.
Bazin has said for some time that the recipe of traditional hotel chains is under threat from companies like Airbnb, offering accommodation in houses and apartments, and booking sites as Expedia.
His response to the so-called shared economy has been a wave of acquisitions in the sector.
In February, the AccorHotels bought the Oasis 30% Collections, online rental market in the USA, and 49% of Squarebreak, French startup that offers luxury rentals in France. In April, bought the British onefinestay specializing in luxury villas rental with hotel services.
Founded in Paris in 2007, John Paul has merged with u.s.-based LesConcierges in 2015, creating a group with 1000 employees and operations in North America, Europe, Africa, Asia and the Pacific. The company estimates revenues of $ 60,000,000 in 2016 and operating profit margin of 15 to 20%.