Accor is a company providing hotel and hospitality solutions. It operates through three segments: Management & Franchise, Services to owners, and Hotel assets & Other. The Management & Franchise business consists in collecting fees from hotel owners and also includes the commissions received on centralized purchases. The Services to owners segment gathers all the services rendered by the Division Sales, Marketing, Distribution, and Loyalty, as well as shared services and reimbursement of costs incurred on behalf of hotel owners. The Hotel assets & Other segment includes activities that are not part of the Group’s core business as a hotel operator.