A joint subsidiary of Accor and Pierre et Vacances, Adagio has just taken over the management of Citéa, via Pierre et Vacances' purchase of all the shares in a brand of two-star residences that Pierre et Vacances already owned 50 %.
Completed at the end of June, this operation enables Adagio to claim the title of "Europe's leading urban tourist residence with almost 10,000 flats and a turnover of around 160 million euros".. With even greater ambitions for the future, Adagio plans to operate almost 130 residences by 2015 - compared with 84 today after the Citéa takeover - with a turnover of €330 million.
With this in mind, Accor and Pierre et Vacances intend firstly to strengthen the brand's presence in France, but also in the UK, Germany, Russia and the Middle East. This expansion will only take place under the Adagio brand, with a new label soon to be introduced for the former Citéa residences to distinguish them from the top-of-the-range establishments.
