Accor Hotels shares fell 3.59 percent on news of the Europe leading chain’s moderate return to profitability. Accor, the sixth largest hotel chain in the world, has recently recorded a net profit of some €34 million euro.
This news actually reflects a €566 million euro turnaround factoring in the losses present in the previous year’s devastating red ink announcements. Sales by Accor, the largest of European hotel chains, actually fell again this year. But other variables, such as the exchange rates, propped up revenue gains and the company’s stock as well.
The French hotel giants whose brands include high-end Sofitel chain down to the budget Ibis hotels hotels, has undergone a fairly massive reorganization these last months.
As of this writing Accor is trading at 27.66 Down 1.14(3.96%)