{ "docId": "019dd923-622c-750b-8b9b-194c8c022fb7", "docSlug": "c06ee6912b0d", "documentTitle": "Accor SA (AC)", "authorId": "62_Grizzly_Research", "authorName": "Grizzly Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2026-03-19 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 2, "pageCount": 278, "prevPage": 1, "nextPage": 3, "slideType": "executive_summary", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 3, "notes": "This is a highly controversial research note from a short-seller firm.", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9b-194c8c022fb7/2", "deckHref": "/decks/019dd923-622c-750b-8b9b-194c8c022fb7", "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-194c8c022fb7.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-194c8c022fb7#slide-2", "components": [ { "bbox": null, "kind": "callout", "text": "In total, 80% of the Accor Hotels that engaged with us accommodated our highly problematic requests.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-70fa-7556-8665-3b038e7a61ed", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.84 }, "kind": "disclaimer", "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH...", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "acd51ffd-3b5e-4dcf-8be8-31b1471cd7e8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.6 }, "kind": "list", "text": "Recently disclosed Epstein files state that Accor CEO Sébastien Bazin allegedly had personal ties with Epstein. The Epstein files reveal further links between Accor and Epstein we find concerning.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "28a4d665-050e-49f9-8ee3-81aed4df36ec", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.09, "w": 0.7, "x": 0.15, "y": 0.5 }, "kind": "list", "text": "We consulted with human rights and legal experts to evaluate our research. The legal consequences of our investigation could be potentially devastating for Accor on multiple levels if the alleged facts are substantiated and evidence shows that criminal offenses were committed. We commissioned written legal analyses of our findings, two of which are copied in their entirety in the Appendix.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3f7171b5-3e59-4d9d-a84e-0976fdaab6df", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.41 }, "kind": "list", "text": "To put our results into perspective, we contacted Hotels that are not related to Accor in the same areas with the same outreach email. We found a meaningfully lower response rate and willingness to service our requests. Out of 56 non-Accor Hotels we contacted, only one seemed willing to service a problematic request.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a36c9be3-a178-4aac-85d4-93bafafd4c9f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.67 }, "kind": "paragraph", "text": "Just months after Accor effectively acquired the hotel chain Rixos, the founder of Rixos apparently arranged private training at Rixos premises for two of Epstein's private masseuses, after which Epstein cryptically wrote that this training had \"changed their lives.\"", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "205910ec-7ef5-400c-84eb-a57b45a0ada6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.32 }, "kind": "paragraph", "text": "In total, 80% of the Accor Hotels that engaged with us accommodated our highly problematic requests. We find the statistics and content of our e-mail investigation highly concerning and choose to disclose all email chains in the Appendix.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2413ee77-546d-4a07-872d-62dcf9795b21", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.19 }, "kind": "paragraph", "text": "Three Accor hotels across Kazakhstan and Uzbekistan also agreed to service our request to host Ukrainian orphans and told us they would keep the arrangement confidential from the press, from Accor's French head office, and from Ukrainian embassies.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "6b264ea2-b589-43a3-9358-a045146a918f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.15, "y": 0.27 }, "kind": "paragraph", "text": "Accor hotels in over 20 countries agreed to accommodate bookings that we explicitly wrote to heavily imply child sexual exploitation and abuse.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9db791ee-46da-4530-aea6-4a5a9dbb6996", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.75 }, "kind": "paragraph", "text": "The \"Deadman Switch\" video that is speculated to be linked to deceased Hollywood actor Isaac Kappy and to indicate pedophilic crimes shows a group of prepubescent girls in bikinis at Rixos resort spa in Turkey, which appears to", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ba0f3a32-a960-47b8-8e7c-ee83daf631a9", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "The \"Deadman Switch\" video that is speculated to be linked to deceased Hollywood actor Isaac Kappy and to indicate pedophilic crimes shows a group of prepubescent girls in bikinis at Rixos resort spa in Turkey, which appears to", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-70fa-7556-8665-3d41a76c53d5", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.12 }, "kind": "title", "text": "Accor, Epstein, and Ukrainian Orphans: Our Investigation Into Child Trafficking", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "eb38dd49-9b96-468f-8864-b83ce76835ea", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "Executive summary", "slug": "executive-summary", "agent": null, "layer": "slide", "matchId": "c363dd9b-19a1-40f3-9863-84948d2d0f71", "evidence": "This slide continues the executive summary of the investigation into Accor hotels.", "confidence": 0.9 } ], "frameworks": [], "arcBeats": [ { "to": 5, "from": 1, "beatId": "747c00ab-ae5c-4e92-8034-39361977c818", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Problem & Complication", "beatSlug": "consultants-gambit-problem-complication", "evidence": "The executive summary and initial slides present the problem and complication", "position": 0, "confidence": 0.8, "parentBeatName": "Complication", "parentBeatSlug": "complication" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }