ITB 2003 – French leisure group Accor, whose hotels range from the Sofitel deluxe chain to the US Red Roof Inn motels, registered…
ITB 2003 – French leisure group Accor, whose hotels range from the Sofitel deluxe chain to the US Red Roof Inn motels, registered 9.3 per cent fall in net profit in 2001, to EUR430 million (US$469 million) compared with EUR474 million in 2001. The company, which also operates a service voucher business, casinos, and owns 50 per cent of Carson Wagonlit Travel, says that it will continue with an expansion drive this year despite the uncertain economic outlook. However, it plans to pursue a more selective investment strategy.
The 3,800-strong hotel group said its business and leisure division maintained good margins, while economy hotels in France were hit by higher salary costs and new contractual arrangements with independent hotel operators. The travel agency business saw a substantial improvement in profitability. The overall group consolidated margin increased slightly to 27.1 per cent of sales, up from 27 per cent in 2001.
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