Some investors have said they see sense in tie-ups between the two companies through cooperations on loyalty programs, after Accor dropped plans to buy a minority stake in AirFrance-KLM last July, at a time when the airline was hit by boardroom and staff unrest.

Accor had said that a stake in the Franco-Dutch airline could help it compete better against travel packages offered by online rivals such as Expedia and Booking.com, but investors questioned why the hotel group would need to buy a stake in the troubled airline and said a looser tie-up was preferable.