Sebastien Bazin has been named as the new chairman and CEO of private equity-backed French hotel giant Accor after joining from the company’s largest shareholder, real estate investment firm Colony Capital.
Bazin was previously principal, managing director of Europe and CEO of the firm’s European operating affiliate.
Prior to joining Colony in 1997 Bazin was general manager of French property company Immobiliere Hoteliere.
He managed and participated in a number of investments in the hotel sector while at the firm, 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.
Colony Capital has named Jean-Romain Lhomme and Nadra Moussalem as co-heads of its European arm to replace Bazin according to Reuters.
The firm invested €1bn in Accor in 2005 with French private equity firm Eurazeo also investing in 2008. Colony currently owns about 11 percent of the company.
Accor CEO Denis Hennequin was ousted in April due to weak share prices, with Bazin named as vice-chairman.
Reuters said Colony was among company shareholders putting pressure on management to sell off assets and pursue a franchising model to boost returns.
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