Investments in loyalty will also pay off next year – its acquisition of John Paul for instance is to provide concierge services for its members. Accor is also rolling up the three loyalty programmes of Fairmont Raffles, Movenpick and Mantra into Le Club.

He’s also excited about the acquisitions of lifestyle brands such as 25 hours, SBE and Mama Shelter. “These brands are right on point and the right time for the Asia market.”