French hotel group Accor has appointed Sebastien Bazin, head of Colony Capital, its new chairman and CEO, following the termination of former chairman Dennis Hennequin's contract back in April.
Current CEO Yann Caillere, who has worked with Accor for seven years and was promoted to his position in April after Hennequin’s departure, will leave the group.
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In a statement made by Accor’s board of directors on August 28, vice chairman of the board Philippe Citerne said: “Following the selection procedure, the Board has considered Sébastien as the best choice for Accor, among all high quality candidates that have been examined. His perfect understanding of the Group, his experience in the hotel sector and his strong international culture are all assets to successfully lead the ongoing transformation of the Group, to ensure its development and assert itself as a world leader in the industry ".
Accor co-founders Gerard Pelisson and Paul Dubrule added: “We have expressed our support to this appointment during the meeting of the Board. We have known Sébastien for over 10 years. 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. We are convinced that he will be able to give the fresh impetus Accor needs to continue to develop over time”.
Aged 51, Bizin began his career in finance and then in 1992, entered the hotel sector as CEO of Immobilière Hôtelière company, specialized in high-end hotel developments.
In 1997, he joined private investment firm Colony Capital and over the past 15 years has grown the portfolio which now comprises 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, acquisition and management of hotel assets from La Générale des Eaux, Club Méditerranée and Accor, acquisition of a stake in Lucien Barrière Group, and investment in Accor.
Bazin has now ended all duties at Coloby Capital in order to join Accor.
He said: “I take on this new role with great ambition for the Group, to which I am deeply committed, and acute awareness of the challenges it currently faces. I want it to find the boldness, dynamism and desire which it has always been led by. And I wish us to work all together, employees, franchisees and partners, directors and shareholders, and that we will work confidently towards a common goal: to develop the Group to the very highest level with commitment and stringency”.
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