Accor Hotels Acquires John Paul / LesConcierges for $150m

AccorHotels said on Wednesday it had entered exclusive talks to buy concierge service provider John Paul, further beefing up its response to the challenges of Airbnb.

Under the terms of the deal, AccorHotels - the world's fifth-largest hotel group - will acquire 80 percent of John Paul for about $150 million in equity and debt, with the company's Chief Executive and founder David Amsellem keeping the remaining 20 percent, AccorHotels said in a statement.

Founded in Paris in 2007, John Paul merged with LesConcierges in 2015, creating a group with a consolidated turnover of $70 million and a combined workforce of 1,000 people across North America, Europe, Africa, Asia and Pacific.