The famous french Online Travel Agency Govoyages has been sold by Accor (the world’s fourth largest hotel company) for $364 million to the investment company Financiere Agache Investissement (Groupe Arnault) and members of GoVoyages management.
Accor and GoVoyages will maintain a three-year marketing deal “to ensure the preferred distribution of Accor hotels by GoVoyages.”
Back in Sept. 2006, Accor doubled its profit and its board of directors curiously asked its CEO Jean-Marc Espalioux to step down (see hotelmarketing’s article) after many years at the head of the group Accor (from 1997 to 2006).
Now at the head of Financière Agache Private Equity (Groupe Arnault *) Jean-Marc Espalioux has his revenge by acquiring majority stake in Govoyages.com. This acquisition came along with the announcement of very good results for Govoyages.
* Groupe Arnault owns 51% of LVMH (Moët Hennessy Louis Vuitton), along with Christian Dior SA. Bernard Arnault is the Chairman and CEO of both companies.