May 31, 2007 / 10:20 AM / 12 years ago

Accor, P&V name new city apartment venture "Adagio"

PARIS, May 31 (Reuters) - French leisure groups Accor (ACCP.PA) and Pierre & Vacances (PVAC.PA) will call their new city apartment joint venture “Adagio”, P&V Chairman Gerard Bremond said on Thursday, presenting an update on the project.

Bremond said European Commission approval of the joint venture was still pending, but he did not anticipate any problems and the venture had already signed leases on two new properties in Vienna and Basel.

P&V is contributing its existing Pierre & Vacances City business to the new joint venture, which Bremond said would be called “Adagio City ApartHotel”. Accor already owns the “Adagio” brand from an earlier acquisition, he said.

Bremond was speaking at a news conference to present P&V’s first half results.

The joint venture will start with 22 properties, mostly in France, and aims within five years to grow that to 50 residences with sales of 180 million euros a year. The venture aims to pocket management fees of 10 percent of the volume of business.

According to slides given to journalists, the venture is currently studying other possible sites in London, Edinburgh, Munich and Prague.

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