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Accor Will Sell a Part of Its Hotel to Reduce Current Debts

News The famous Paris-based hotelier plans to sell a part of its hotels in order to reduce the company’s debt that will reach € 1.2 billion in the end of this year. Accor continues its strategy of selling assets, which was started in 2010. Due to sale of hotels (mostly in Europe) the hotelier got €630 million for covering debts. Accor plans to sell around 450 hotels within next 2 years.

Seems, the company’s hard times slowly pass by. In 2010 Accor showed an increase in operating profit to 90.1%. EBITDA for the complete year is also more than positive and features the rise of 90% to €446 million. The growth is shown in both business and leisure travel segments.

The company names the growth of occupancy as the main reason for success. According to Denis Hennequin, the company’s CEO, this fact has shown Accor’s main priorities and targets for future development. Currently the company plans to concentrate its attention on such main points as the expansion on new emerging markets, more promotion for the company’s brands and providing better services.

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