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.
Good news in the hospitality sector, at least for Starwood Hotels & Resorts Worldwide, Inc., first quarter earnings exceeded Wall Street expectations. According to RevPAR, performance of Starwood same-store hotels grew worldwide by some 3.4 percent.
On Thursday, Starwood Hotels & Resorts Worldwide announced their Q4 earnings had declined blaming growth in Europe and rising costs for the reduced revenue. The company’s net income fell to $142 million, 0.72 cents per share, about 0.7 cents beneath investor expectations.
In earnings news from Accor Group, the French hotel company released their Q3 results last week reflecting a slight upturn for the first nince months of this year. Despite a European industry staggered by economic woes, Accor manages black ink.
The financials are in from Expedia. According to the reports, wile quarter 4 revenue was up by 6.7% at $787.1 million compared with the previous year, expenses took their toll virtually eliminating and growth for 2011.
InterContinental Hotels appoints news leaders for Europe and other regions, while CEO Richard Simmons offers company profits report and prospectus. Holiday Inn Express India, and many other sectors are outlined.