Accor operates 726,000 rooms across 30-plus brands addressing the economy through luxury segments. Ibis (economy scale) is the largest brand (37% of total rooms), followed by Novotel and Mercure. FRHI offers additional luxury and North American exposure. After the sale of the majority HotelInvest (owned assets) in 2018, the majority of total EBITDA comes from HotelServices (asset-light), despite recent owned hotel acquisitions (Mantra and Movenpick). About 50% of rooms are in Europe, 30% in the Asia-Pacific region, 10% in the Americas, and 10% in the Mediterranean, Middle East, and Africa. Economy and midscale are 74% of rooms.