Accor braces for slowdown
September 04, 2008 |
Accor, the world's fourth-largest hotel group, announced a new round of cost savings as it warned of tough times ahead and said the U.S. slowdown was accelerating "week after week".
The French hotels and services group, which operates the Ibis and Sofitel hotel chains, gave a full-year profit target slightly below forecasts and also said hiving off its services unit was not currently on the cards.
Accor, which has announced cost-cutting measures over the past two years in an effort to boost earnings, is now aiming to save some 75 million euros ($110.9 million) over 2009 and 2010, partly by cutting spending on marketing.
"In Europe, the business customer is holding firm but the leisure is weaker," Accor Chief Executive Gilles Pelisson told a conference call with analysts.
Get the full story at Reuters
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