French hotel giant Accor has said it wants to raise about €300 million to spend on non-hotel investments through the launch of a special purpose acquisition company (SPAC).
The entity will be listed on the Euronext Paris exchange and will be called the Accor Acquisition Company (AAC).
Accor will be targeting five verticals adjacent to its core hotel business, namely: food and beverage; flexible working; wellness; entertainment & events; and travel technology.
A SPAC or blank-cheque firm is a shell company that raises money from financial markets through an Initial public offering (IPO) It then uses this money to a private business.
AAC will be led by Amir Nahai, currently CEO Food & Beverage & Lifestyle.
“AAC’s target company will benefit from Accor’s network, scale and global presence," Accor said.
Accor is the lastest hospitality company to jump onboard the SPAC bandwagon. Earlier this year Sonder said it would go public via a merger with Gores Metropoulos II.