Tourist residences : the irresistible success of Pierre et Vacances

The European leader in the sector, with the buyout of the Maeva group, now represents 60% of the French market. On the Riviera, it notably reinforces its presence…

Pierre et Vacances, already well-established on the French Riviera, will consolidate more. The group, presided over by Gérard Brémont, European leader of tourist residences, confirmed on Tuesday September 4th the buyout of Maeva, the number 2 of the sector in France.On the Riviera, under the Maeva and Vacantel brandsThe Maeva group, which includes three products (Maeva, Vacantel and City by Maeva) was established in 1967. Under the Maeva brand, it owns residences in Cannes, Mandelieu and Valescure (the former « Latitudes »), at the Issambres, in Saint-Tropez and in Gassin. Under the Vacantel brand, it is established at Beausoleil, Juan-les-Pins, Saint-Césaire, Fayence, Tourrettes and Fréjus. Nevertheless, in Nice and Cavalaire in the Var, it is present at the same time under the Maeva and Vacantel brand.In France, Maeva manages 21,000 flats, either 87,000 beds in total. It will host about 1,500,000 people in 2001, for a 1.25 billion francs turnover, still for 2001 (190 million euros). 74% of its clients are French and 26 are foreign (Spain, Germany, Great Britain, Benelux, Italy, Scandinavia…).Pierre et Vacances carries an impressive weightPierre et Vacances (100,000 beds in 81 famous sites) has already much grown during the last months with the buyouts of Gran Dorado, Center Parcs and the ski station in Valmorel. With Maeva, it now represents 60% of the tourist residences market and is worth 1.2 billion euros and about 6 million clients!On the Riviera, the list of Pierre et Vacances residences and villages is already impressive : Cap d'Ail, Beausoleil, Menton, Villefranche sur mer, Marina Baie des Anges, Antibes, Cannes, where two big residences are managed (Villa Francia et Cannes Verrerie) and, of course, the village of Cap Esterel in the Var, etc. The first hotel offer of the Riviera, considering the number of beds, will be notably reinforced by the arrival of Maeva.The transaction makes Maeva worth 96 million euros. The group was bought out to the Nexity real estate fund, which held 93.7% of shares (worth 90 million euros), 6.3% being in the hands of the Accor group and which should be bought out within the next months. Because of this position which became dominant, the buyout of Maeva is studied by the DGCRF (General Management of competition, consumption and fraud repression). Its decision should be given within two months.