< PrevNext > Sebastien Bazin, AccorHotels chairman & CEO The Diversifier By Julie Sickel / December 20, 2016 / Contact Reporter Share In 2015, AccorHotels had been a "sleeping giant for far too long," allowing online travel agencies and industry disruptors like Airbnb to lead innovation, Bazin said. Following its acquisition of marketing platform Fastbooking that year, the company transformed its digital platform, but Accor's 2016 moves suggest the giant is wide awake.In February, Accor announced investments in alternative lodging providers Squarebreak, based in Paris, and Oasis Collection, headquartered in Miami. "I have no intention of confronting Airbnb," Bazin said at the time. "We are just extremely determined. … The market is evolving in such a way that growth will come through these secondary residences." We are positioning ourselves as a key player in the current industry-consolidation process." In April, the company acquired luxury home rental business Onefinestay for €148 million. Bazin said the purchase fuels the transformation of Accor's business model to capitalize on the private rentals market and to strengthen Accor's presence in the luxury market. Accor continues to diversify. In July, it acquired a majority stake in concierge service John Paul, and in October, it launched hotel-meets-hostel brand Jo&Joe.Not to be overshadowed among Accor's 2016 initiatives, however, is the company's purchase of Fairmont parent FRHI for $840 million cash and 46.7 million new Accor shares. "We are positioning ourselves as a key player in the current industry-consolidation process while maintaining substantial leeway to implement our transformation plan," Bazin said when the deal was announced. The transaction, which closed in July, gives Accor a serious foothold it previously didn't have in North America and in the luxury space. In Accor's third quarter, the company saw a €145 million year-over-year revenue bump as a direct result of its FRHI acquisition.