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1、 1 Navigating the New Normal:Strategic Insights for Hospitality Leaders Learnings from French hospitality C-suite representatives MAY 2025 BY NICOLAS KACHANER,GUILLAUME LEMOINE,FLORENT COUASNON,PIERRE LEROY The Boston Consulting Group&Cie-Sarl au Capital de 28.322.740 Euros/75 Avenue de la Grande Ar

2、me/75116 Paris-France R.C.S.PARIS 722 055 738 SIREN 722 055 738 TVA FR 86 722 055 738 1 About the Contributors This study integrates BCG expertise with insights gathered from interviews with C-suite executives in the French hospitality industry.We extend our sincere thanks to the following people fo

3、r their valuable time and contributions:Julie White(Accor Accor-Chief Commercial Officer,Europe&North Africa,Premium,Midscale&Economy Brands)Camille Cosentino-Astier(AccorAccor-Ex-VP Strategy Transformation,SAINTCLAIRSAINTCLAIR,Executive Director)Jrme Bosc(AlboranAlboran-Co-founder)Anne Browaeys(Clu

4、b MedClub Med-CEO Europe,Middle East&Africa Markets)Julien Huel(Groupe BarrireGroupe Barrire-Managing Director Hospitality&Food Service)Karim Soleilhavoup(Logis Htels GroupLogis Htels Group-CEO)Olivier Lefebvre(LVMH HospitalityLVMH Hospitality-Deputy CEO,and Cheval Blanc Cheval Blanc-CEO)Franck Gerv

5、ais(Pierre et Vacances Center ParcsPierre et Vacances Center Parcs,CEO)The Boston Consulting Group&Cie-Sarl au Capital de 28.322.740 Euros/75 Avenue de la Grande Arme/75116 Paris-France R.C.S.PARIS 722 055 738 SIREN 722 055 738 TVA FR 86 722 055 738 2 Key takeaways The hospitality market has now sur

6、passed pre-COVID levels,driven primarily by increases in average daily rate(ADR).However,the sector must now adapt to new paradigms:heightened customer expectations and changing behaviors,high interest rates leading to reduced funding,and higher expected returns on equity(RoE)from asset owners,along

7、 with new distribution models.Evolving consumer behaviors are marked by rising expectations for non-room services(up to 60%),a trend toward premiumization,increased domestic and intra-regional travel,as well as growing emphasis on digitization and sustainability.The traditional business model is bei

8、ng challenged by rising interest rates,increasing construction and renovation costs,heightened competition in core locations-such as the growing presence of U.S.players in Paris-and the continued expansion of online travel agencies(OTAs).In order to successfully navigate industry transformations,CEO

9、s need to prioritize:Enhancing investment capacity through best-in-class revenue management(5-10%revenue uplift based on reported experience)alongside targeted cost optimization Accelerating portfolio repositioning by redesigning owner value proposition(incentives/disincentives)Doubling down on loya

10、lty programs and customer experience to maximize repeat business Competitive advantage(or disadvantage)is long lasting,and,as such,while steady growth is expected in the next few years,it is critical for Hospitality players to be bold and position themselves early-on to catch those first mover oppor

11、tunities.The Boston Consulting Group&Cie-Sarl au Capital de 28.322.740 Euros/75 Avenue de la Grande Arme/75116 Paris-France R.C.S.PARIS 722 055 738 SIREN 722 055 738 TVA FR 86 722 055 738 3 Strong momentum for hospitality players since the pandemic Following its recovery from the pandemic-induced sl

12、ump,the hospitality sector is on track to reach new heights.In Europe,the resurgence saw a+8%annual growth rate in RevPAR since 2022.ADR and occupancy have both seen annual growth since 2022(+5%and+4%respectively),but occupancy has yet to fully recover to pre-COVID levels(a trend mirrored in France)

13、while ADR is at an all-time high.Looking ahead,the hospitality sector is showing strong confidence in sustained growth,with an unprecedented global hotel construction pipeline projecting a 3%YoY increase in rooms2,while the global hospitality market is projected to grow from$4.9 trillion in 2024 to$

14、5.8 trillion by 2027-a+5.8%annual increase3.This future growth is expected to be driven primarily by higher occupancy rates,fueled by increasing international travel from key regionsparticularly Asia and the resurgence of business travel3.The sectors profitability remains strong,as players have succ

15、essfully passed on rising supply chain and labor costs to customers,as evidenced by higher ADR.The outlook for the hospitality industry appears very positive.The industry has however faced an unprecedented convergence of disruptive factors,rendering the traditional playbook obsolete.Key challenges i

16、nclude high interest rates,which have created funding difficulties and driven asset owners to demand higher returns on equity(RoE)for both new construction and renovations.Additionally,widespread staff shortages and increased turnover,rising customer expectations for technological innovation,and shi

17、fting booking patterns and travel behaviors across various demographics(e.g.,age,location,and income)have further complicated the landscape.The industry also faces intensified competition from both established and emerging players,growing scrutiny of ESG(Environmental,Social,and Governance)considera

18、tions influencing travel decisions,continuous technological evolutions(e.g.,Gen AI),and ongoing political uncertainty.In this new era,how can hospitality leaders mitigate risks,capitalize on opportunities,and secure a competitive edge while taking into consideration regional specificities?Drawing on

19、 interviews with executives from leading French hospitality players and BCGs expertise,this study aims to provide focused,actionable insights for hospitality leaders.Appendix 1 In Europe,all performance KPIs showed a similar trend,with RevPAR and ADR increasing by+8%and+5%compared to 2022;occupancy

20、also increasing but remaining below pre-covid levels Source:STR The Boston Consulting Group&Cie-Sarl au Capital de 28.322.740 Euros/75 Avenue de la Grande Arme/75116 Paris-France R.C.S.PARIS 722 055 738 SIREN 722 055 738 TVA FR 86 722 055 738 4 An industry undergoing significant mutations Shifting c

21、onsumer behaviors Consumers have changed since the pre-COVID era and within the new geopolitical environment.Their product preferences(e.g.non-room services,premiumization),travel patterns(e.g.trip purpose,close-to-home destinations)and expectations(e.g.digitization,sustainability)have all evolved a

22、nd hoteliers must swiftly adapt to these new norms.Product preference changes First,non-room services:both leisure and business travelers are increasingly seeking experiences that go beyond the hotel room,driving demand for non-room services,such as wellness-focused offers,extended food and beverage

23、s offerings,and more.These services can now account for an average of 35-40%of total hotel revenues and as much as 60%for certain brands signaling a significant growth opportunity for hoteliers.“While creating more complexity for hotel managers,prioritizing non-room services is a strategic imperativ

24、e for attracting a new base of non-staying guests”says Jrme Bosc(Co-founder,Alboran).Hoteliers can also boost the proportion of repeat guests which rises significantly when the food offerings are relevant and of quality(e.g.home-made,with a signature chef),according to Karim Soleilhavoup(CEO,Logis H

25、tels Group).In this context,hotels are competing for the most attractive concepts and partnerships,which have become a clear differentiating factor.This is what we have done for example with the new Beef bar in Saint Barth,the complete renovation of our beach restaurants in Deauville,and the recent

26、opening of the restaurant Loulou in our Palace in Courchevel”,mentions Julien Huel(Managing Director Hospitality&Food Service,Groupe Barrire).Portfolio repositioning is a complex and multi-dimensional exercise to maximize the value captured across customer segments and geographies.Successful brands

27、need to be clearly positioned with recognizable fundamentals,consistent and familiar to customers,yet differentiated from competitors.However,these unique brand attributes need to be tailored to each assets specific characteristics and combined with a mix of ownership models).Franck Gervais (CEO,PVC

28、P)The Boston Consulting Group&Cie-Sarl au Capital de 28.322.740 Euros/75 Avenue de la Grande Arme/75116 Paris-France R.C.S.PARIS 722 055 738 SIREN 722 055 738 TVA FR 86 722 055 738 5 Second,customers are increasingly driving an overall premiumization of the demand,across all segments.Here at Accor,w

29、e have developed our premium brands(e.g.Pullman,Mvenpick)while elevating midscale and economy with additional food&drink offerings to meet evolving expectations”says Julie White(Chief Commercial Officer,Europe&North Africa,Premium,Midscale&Economy Brands,Accor).The premiumization of hotel offerings

30、taps into the growing luxury hospitality market,which is projected to reach approximately$280 billion globally by 2026(+9%annual growth4).New travel patterns The boundaries between business and leisure travel are becoming increasingly blurred.Today,61%of business travelers are incorporating leisure

31、activities into their trips at least once a year5.Traditionally,business travelers booked Monday to Thursday,with leisure guests filling Friday to Sunday.Now,booking patterns are more fluid with weekday stays extending into weekends and vice versa.“These new patterns present new challenges in enhanc

32、ing the hotel experience to serve both segments,impacting operations,food and beverage offerings and entertainment”explains Camille Cosentino(Ex-VP Strategy Transformation,Accor).In addition,a new segment of close-to-home travel is emerging,presenting fresh opportunities for growth,as Anne Browaeys(

33、CEO Europe,Middle East&Africa Markets,Club Med)elaborates:“We are increasingly focused on attracting local customers in anticipation of travel trends expected to boom in the next 5 to 10 years.We have already observed this trend in some locations and are now incorporating in into our new location st

34、rategy to ensure there will be sufficient domestic and intra-regional demand”.Shifting customer expectations As has occurred in other industries like airlines and retail,customer expectations in the hospitality sector have intensified.Customers are now expecting a personalized booking journey and ho

35、tel experience,which means finding the right balance between using digital technologies to offer personalized experiences throughout their journey and customer service that puts the human touch at the heart so that customers feel welcome and cared for”underlines Jrme Bosc(Co-founder,Alboran).Sustain

36、ability also plays an increasingly important role in consumers destination choices,with 65%of consumers now factoring it into their decisions an increase of four percentage points since 20196.This reinforces the growing trend towards domestic and intra-regional travel patterns.However,“consumers boo

37、king decisions dont necessarily reflect their good intentions.The industry must make it easier for them by reducing the premium for sustainable options,creating more sustainable choices and providing clear,transparent information”says Julie White(Chief Commercial Officer,Europe&North Africa,Premium,

38、Midscale&Economy Brands,Accor).Disruptions to the Business Model Hospitality players are facing increasing challenges to their existing business model,challenged by interest rates,competition and an evolving distribution model.Interest rates and construction cost Firstly,the rise in interest rates,c

39、oupled with increasing construction and renovation costs,is creating a more uncertain financial outlook for assets owners.In fact,82%of hotel owners now view the industry as less attractive compared to other investment classes(e.g.logistics,data centers,.)7.As a result,asset owners are seeking stron

40、ger guarantees on their financial returns,pushing for brand premiumization to increase ADR but at the same time reluctant to fund maintenance&renovation work when needed to match new customer demand.The Boston Consulting Group&Cie-Sarl au Capital de 28.322.740 Euros/75 Avenue de la Grande Arme/75116

41、 Paris-France R.C.S.PARIS 722 055 738 SIREN 722 055 738 TVA FR 86 722 055 738 6 Competition Secondly,competition is intensifying in popular destinations.We are seeing an acceleration in new openings from American players in Paris”says Camille Cosentino(ex-VP Strategy&Transformation,Accor).In the pre

42、vious years,an average of 10 new hotels opened every year,a number expected to double in 2025 with Marriotts announcement to open more than 10 new hotels in Paris by end of the year.This heightened competition forces innovation,both in the selection of locations for new hotels and in brand and produ

43、ct offerings to capture emerging customer segments,such as wellness travel and sustainable travel.In this environment,development strategy is increasingly competitive and needs to be intentional,for example,by providing a clear value proposition to Investors in booming regions(e.g.,Middle East,India

44、,etc.)or by focusing on cities adjacent to well-established travel hubs for instance,e.g.Agadir as an alternative to Marrakech or Abu Dhabi to Dubai)”as explained by Camille Cosentino.Distribution model Lastly,in the past decade,the distribution model in hospitality has increasingly favored indirect

45、 players,particularly OTAs.This shift has presented new challenges for hospitality players as they strive to reclaim their share of direct distribution,not only to save on distribution costs,but most importantly to control our brands and re-establish direct relationships with customers”confirms Juli

46、en Huel(CEO Hospitality&Food Service,Groupe Barrire).While many players have made progress in recovering their direct distribution share,Huel emphasizes that indirect channels remain a valuable tool for optimizing occupancy,especially for hotels with a lower percentage of repeat customers.Occupancy

47、still remains 2 percentage points below pre-Covid levels.We are increasingly focused on attracting local customers in anticipation of travel trends expected to boom in the next 5 to 10 years.We have already observed this trend in some locations and are now incorporating in into our new location stra

48、tegy to ensure there will be sufficient domestic and intra-regional demand Anne Browaeys(CEO Europe,Middle East&Africa Markets,Club Med)Copyright Photo David Morganti The Boston Consulting Group&Cie-Sarl au Capital de 28.322.740 Euros/75 Avenue de la Grande Arme/75116 Paris-France R.C.S.PARIS 722 05

49、5 738 SIREN 722 055 738 TVA FR 86 722 055 738 7 Three key priorities to capitalize on industry transformations Enhance investment capacity through best-in-class revenue management and targeted cost optimization On the revenue side,the hospitality industry is tailing other industries in terms of reve

50、nue management tools.The potential impact is significant reported BCG experience shows that adopting best-in-class revenue management practices,such as machine-learning based demand forecasting using external data,advanced competitive pricing capabilities or dynamic hurdle rates,can lead to a 5-10%i

51、ncrease in revenue depending on the practices starting maturity.To fully maximize the profitability of their rooms,hotels need to enhance revenue management by adopting more innovative distribution and pricing models.“Such retail capabilities require modernizing CRS with the support of best-in-class

52、 providers and revenue management systems that use AI tools to ensure pricing is optimized in real time in line with the changing market dynamics.We have for example partnered to implement a cloud-based technology and have invested in revenue management capabilities,such as automated dynamic pricing

53、 that adapts to changes in market dynamics in real-time,more accurately follows competitor pricing and takes more factors into account”notes Julie White(Chief Commercial Officer,Europe&North Africa,Premium,Midscale&Economy Brands,Accor).On the cost side,hospitality leaders are leveraging the post-pa

54、ndemic recovery to drive cost efficiencies,“such as optimizing procurement and exploring outsourcing opportunities.Savings should be considered from both central and operational perspectives,with an initial focus on central and structural cost savings levers”says Franck Gervais(CEO,PVCP).Central cos

55、ts typically representing 35-45%of hotel chains costs,including A&G,marketing,IT,and centralized property costs),with various maturity levels:42%for North American chains vs.39%in Europe and 33%in France8.In parallel,operational efficiencies should be identified and implemented across all properties

56、,focusing on the least guest-facing categories(e.g.back-office,utilities,F&B waste).Procurement redesign has shown a 5-15%F&B cost reduction through SKU rationalization and an optimized sourcing strategy.The Boston Consulting Group&Cie-Sarl au Capital de 28.322.740 Euros/75 Avenue de la Grande Arme/

57、75116 Paris-France R.C.S.PARIS 722 055 738 SIREN 722 055 738 TVA FR 86 722 055 738 8 Accelerate portfolio repositioning by redesigning the owner value proposition To capture the next billion travelers projected to drive the growth over the next five years,hospitality leaders must reposition their po

58、rtfolios to align with evolving customer behaviors,shifting demographics,and changing travel origins such as the Asia Pacific region,which is expected to see a 6%CAGR in outbound travelers,and the Middle East with 10%CAGR between 2024 and 2029.Successful hospitality groups are continually redefining

59、 their portfolio by repositioning existing brands,activating new ones and acquiring subsidiaries to align with emerging market segments and offer clear value propositions to todays evolving traveler.“Such portfolio repositioning is a complex and multi-dimensional exercise to maximize the value captu

60、red across customer segments and geographies.Successful brands need to be clearly positioned with recognizable fundamentals,consistent and familiar to customers,yet differentiated from competitors.However,these unique brand attributes need to be tailored to each assets specific characteristics(e.g.,

61、through events,F&B offerings,regional markers,etc.)and combined with a mix of ownership models,from asset-light models(e.g.,Leasing)to asset-heavy strategies,(e.g.,flagship hotels)”says Franck Gervais(CEO,PVCP).The process often involves repositioning existing brands,creating new ones,and making dif

62、ficult decisions,such as discontinuing legacy brands that no longer align with the portfolio strategy.As most hotel chains operate under asset-light models,the most significant-and often overlooked-roadblock in portfolio repositioning lies in convincing owners to invest in hotel renovations.Successf

63、ul collaborations with owners require using both incentives(e.g.,risk-sharing schemes,distribution promotion)and disincentives(e.g.increased fees,risk of brand dilution),along with innovative alternatives such as flexible renovation models or brand switching options.One concrete example of successfu

64、l collaboration comes from Karim Soleilhavoup(CEO,Logis Htels Group):“We have created an internal CSR label based on 70 criteria,which impacts the visibility hotels get on our website and customer perception.This incentivizes each owner to align their assets to meet CSR standards,these updates and r

65、enovations often also trigger changes to meet refined brand standards.”Beyond the traditional hotel business model,“adding complementary businesses in the property,such as residential offerings and retail options(e.g.F&B,wellness facilities),can help make the economic equation viable by reducing cap

66、ital intensiveness and diversifying sources of revenues to the benefit of hotel owners”,explains Olivier Lefebvre(Deputy CEO,LVMH Hospitality Excellence and CEO,Cheval Blanc).As a last resort,“you need to be prepared to be firm.When we identify properties that are ageing or no longer meeting our sta

67、ndards,we push them to start major refurbishment work or leave the network.Maintaining standards and reputation is hugely important in the long term”says Julie White(Chief Commercial Officer,Europe&North Africa,Premium,Midscale&Economy Brands,Accor).The Boston Consulting Group&Cie-Sarl au Capital de

68、 28.322.740 Euros/75 Avenue de la Grande Arme/75116 Paris-France R.C.S.PARIS 722 055 738 SIREN 722 055 738 TVA FR 86 722 055 738 9 Double-down on loyalty programs and customer experience to maximize repeat business Increasing the share of direct distribution is more important than ever,according to

69、Anne Browaeys(CEO Europe,Middle East&Africa Markets,Club Med).Increasing share of direct distribution is critical to not only reduce costs but also“to identify and capture value from potential patterns(e.g.,short-term repeaters,combination of resorts,periods of travels,family composition,online beha

70、vior,etc.)on top of keeping control of our brand and connection with the customer”.Although traditional distribution optimization levers are a must-have(e.g.strong presence across the trip planning journey,differentiated pricing strategy),one of the most effective levers is to maximize the share of

71、repeaters(i.e.previous customers returning for another stay or experience).Reported experience shows that best-in-class players can achieve more than 60%share of sales from repeat guests,but achieving these thresholds requires a two-pronged approach.When we identify properties that are ageing or no

72、longer meeting our standards,we push them start major refurbishment work or leave the network.Maintaining standards and reputation is hugely important in the long term Julie White (Chief Commercial Officer,Europe&North Africa,Premium,Midscale&Economy Brands,Accor)The Boston Consulting Group&Cie-Sarl

73、 au Capital de 28.322.740 Euros/75 Avenue de la Grande Arme/75116 Paris-France R.C.S.PARIS 722 055 738 SIREN 722 055 738 TVA FR 86 722 055 738 10 On one hand,a compelling loyalty program engages the left side of customers brains by offering rewards and economic incentives for repeat stays.Digital ma

74、rketing expertise is vital for enhancing web direct performance and attracting,converting,engaging and retaining guests along the entire customer journey.This works hand-in-hand with our ALL loyalty program,which for example drives repeat,high-value guests to our hotels and helps drive direct distri

75、bution.”says Julie White(Chief Commercial Officer,Europe&North Africa,Premium,Midscale&Economy Brands,Accor).On the other hand,appealing to the right brain by creating a memorable customer experience is equally important.This type of delivery is inherently more difficult to commoditize.“The culture

76、of guest experience needs to be continuously instilled in the hotel staff and is highly sensitive to staff turnover”explains Julien Huel(Managing Director Hospitality&Food Service,Groupe Barrire).This volatility makes it challenging to consistently exceed customer expectations,but when properly mana

77、ged and scaled,it can become a true,hard-to-copy competitive advantage.This is what we are aiming to achieve with a data-driven approach:identifying high-value clients and crafting tailored experiences to enhance our value proposition for them”continues Huel.“The approach is not purely about digital

78、 activity though,this has to work hand-in-hand with human elements.You can drive a lot of repeat direct business by ensuring guests feel welcome and have memorable experiences for the right reasons.That is where having best-in-class service culture training is worth its weight in gold.”adds Julie Wh

79、ite(Chief Commercial Officer,Europe&North Africa,Premium,Midscale&Economy Brands,Accor).The Boston Consulting Group&Cie-Sarl au Capital de 28.322.740 Euros/75 Avenue de la Grande Arme/75116 Paris-France R.C.S.PARIS 722 055 738 SIREN 722 055 738 TVA FR 86 722 055 738 11 Conclusion:First come,first se

80、rve Hospitality is a long-term game:building a brand or developing a set of properties requires years of investment.In parallel,the competitive advantages(or disadvantages)tend to endure;a well-designed loyalty program can retain customers for years,if not for a lifetime.While steady growth is expec

81、ted in the global hospitality sector over the next few years,it is critical for hospitality players to act boldly and position themselves early to seize those first-mover opportunities.We extend our gratitude to the French hospitality C-suite representatives for their valuable time.If you wish to ex

82、plore any of the topics discussed in this paper further,please contact our team.The Boston Consulting Group&Cie-Sarl au Capital de 28.322.740 Euros/75 Avenue de la Grande Arme/75116 Paris-France R.C.S.PARIS 722 055 738 SIREN 722 055 738 TVA FR 86 722 055 738 12 13 About the Authors Guillaume Lemoine

83、 is a Managing Director and Partner at the Boston Consulting Groups Paris office.He co-leads the Real Estate squad in Europe and has contributed to numerous projects in the hospitality sector.He can be reached via email at Florent Couasnon is a Project Leader in the Paris office of Boston Consulting

84、 Group and a core member of the Travel&Tourism practice in France.He has advised major players in the sector on a range of topics,including digital&AI strategy and capabilities implementation.He can be reached via email at Nicolas Kachaner is a Managing Director and Senior Partner in the Paris offic

85、e of Boston Consulting Group,where he leads the Travel&Tourism practice in France.He has extensive experience managing numerous projects in the hospitality sector.He can be reached via email at Pierre Leroy is a Principal at the Boston Consulting Groups Paris office and a core member of the Travel&T

86、ourism practice in France.He has advised major players in the French hospitality sector on a range of topics,including growth strategy and market entry.He can be reached via email at We would also like to thank the following people for their contributions:Tom McCaleb,Managing Director&Senior Partner

87、 in the Atlanta Office,BCG Global Topic Leader for Lodging&Leisure Federico Lalatta,Partner&Director in the Milan Office,Topic Expert for Luxury and Hospitality,Board member of Lungarno Collection and Sandoz Foundation Maureen Wyse,BCG Vantage Senior Manager in the New York Office for Lodging,Leisur

88、e and Tourism The Boston Consulting Group&Cie-Sarl au Capital de 28.322.740 Euros/75 Avenue de la Grande Arme/75116 Paris-France R.C.S.PARIS 722 055 738 SIREN 722 055 738 TVA FR 86 722 055 738 13 Sources 1.J.P.Morgan 2025 Lodging Outlook 2.Q4 2024 Global Hotel Construction Pipeline Trend Report,Lodg

89、ing Econometrics 3.EHL Hospitality Industry Trends For 2025 4.JLL Evolution of Global Luxury Hospitality Research 2023 5.Global Business Travel Association,2024 6.BCG x Altagamma study,True-Luxury Global Consumer Insights,June 2023 7.Can Rising Borrowing Costs Create Unexpected Opportunity for Hotel

90、s?,2023 BCG Study 8.STR 2024 Hotel Profitability Review The Boston Consulting Group&Cie-Sarl au Capital de 28.322.740 Euros/75 Avenue de la Grande Arme/75116 Paris-France R.C.S.PARIS 722 055 738 SIREN 722 055 738 TVA FR 86 722 055 738 14 Boston Consulting Group partners with leaders in business and

91、society to tackle their most important challenges and capture their greatest opportunities.BCG was the pioneer in business strategy when it was founded in 1963.Today,we work closely with clients to embrace a transformational approach aimed at bene ting all stakeholdersempowering organizations to gro

92、w,build sustainable competitive advantage,and drive positive societal impact.Our diverse,global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change.BCG delivers solutions through leading-edge management consulting,technology an

93、d design,and corporate and digital ventures.We work in a uniquely collaborative model across the firm and throughout all levels of the client organization,fueled by the goal of helping our clients thrive and enabling them to make the world a better place.The Boston Consulting Group&Cie-Sarl au Capital de 28.322.740 Euros/75 Avenue de la Grande Arme/75116 Paris-France R.C.S.PARIS 722 055 738 SIREN 722 055 738 TVA FR 86 722 055 738 15