Accor's debut in Las Vegas is a big move for the French hotel giant.
The hotel company in late July took over management of the Treasure Island hotel and casino, rebranding it as Treasure Island-TI Las Vegas Hotel & Casino, Handwritten Collection. Accor officials said they believed that move made sense given the hotel’s stature in Las Vegas and within the industry.
Accor's Handwritten Collection soft brand was founded in 2023 and currently has approximately 25 hotels already in operation, including ones in Paris, San Francisco, Singapore and Sydney.
Speaking exclusively with CoStar News Hotels, Thomas Dubaere, CEO Americas at Accor, said adding Las Vegas to its roster allows the brand to operate in “one of the world’s most dynamic hospitality markets for both leisure travel and convention visitors."
“By pairing Treasure Island with Handwritten Collection, our goal is to take something great and make it even greater. … The beauty of joining Handwritten Collection means the history and legacy of the Treasure Island hotel will remain central to the guest experience. This one-of-a-kind place, with so many personal touches running throughout the property, has character that aligns well with [the brand’s], where each hotel is a true homage to the vision and style of its founder,” he said.
Phil Ruffin is that founder.
His firm, Wichita, Kansas-based Ruffin Companies, a holding company, has owned the 2,884-room Treasure Island since 2009 when Ruffin acquired it from MGM Resorts International for approximately $775 million.
Ruffin also owns the Circus Circus Hotel & Casino in Las Vegas, which he also acquired from MGM Resorts in 2019 for $769.8 million.
Dubaere said Accor has approached growth in the U.S. market strategically and selectively since the company started to transform into an asset-light entity under CEO and Chairman Sébastien Bazin.
In the U.S., Accor has acquired brands such as Fairmont Hotels & Resorts, which already had a notable North American footprint, and invested in brands now under the Ennismore umbrella, including Delano, Mondrian and SLS.
Accor operates more than 60 hotels, as well as more than 10 branded-residential communities in the U.S.
With a focus on what Dubaere calls “key getaway cities,” Las Vegas had long been in Accor’s sights.
“It was just a matter of time before we found the right location and the right partner. This deal came about through a combination of timing [and] opportunity. … It was a rare opportunity to break into the market in a very big way, with a property of size that has not only history but a prime location on the Strip."
He said the relaunch of Treasure Island is a statement of Accor’s ambition to grow its brands across the U.S. with precision.
“Not only is this Accor’s first hotel in Las Vegas, it is the largest hotel in our global network. We are anticipating a halo effect from this partnership that we are certain will lead to more great opportunities.
Here lies treasure
Dubaere said the firm’s strategy in the U.S. is to identify key markets and pursue select opportunities, but that model “doesn’t necessarily mean small."
"Our aim is to grow in selected gateway cities with our brands leveraging successful operating hotels like the Swissôtel Chicago or Novotel Miami Brickell.”
He said as Accor is one of world’s largest hospitality groups, it has the resources to make an impact and differentiated offering, with the strategy going beyond hotels to encompass augmented hospitality with branded residences, food and beverage, and coworking.
He said the group has more than 12,000 food-and-beverage outlets around the planet.
“We choose to be smart and selective in terms of development in the U.S. as so many hospitality players have large networks already established in the market,” he said.
He added that given current industry fundamentals, luxury and lifestyle hotels are key plays in the U.S. Collection brands have proven to be an effective approach in North America, as evidenced by the 95-room Hotel Stratford San Francisco joining the Handwritten Collection; the 123-room Hotel Ändra Seattle and the 82-room Hotel Belmont Vancouver joining the MGallery Hotel Collection; and the 333-room The Rimrock Resort Hotel Banff set to join the Emblems Collection next year, he said.
Dubaere added Accor is expanding its roster of luxury hotels and resorts and lifestyle properties in the U.S.
Recent openings include the 147-room Raffles Boston, while upcoming this year is the opening of the 120-room Faena New York.
Dubaere said Accor’s debuts are catering to evolving consumer demands such as sustainable travel and multi-purpose spaces.
“This aligns with our belief that hospitality today must go beyond accommodation. We are building multi-faceted, thriving hubs for guests and locals alike, holistic ecosystems that include outstanding F&B, entertainment, coworking, wellness and more,” he said.
Its entry into the hotel-casino space is a natural next step to this, Dubaere said, adding Treasure Island will allows guests “to connect with the magic, allure and unforgettable entertainment of the Las Vegas Strip.”
“We are confident that this deal will further demonstrate what Accor is capable of here in America, across a variety of hospitality segments, leading us to more opportunities where we can bring the right brand to the right destination, with the right partners,” he said.