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Sale of Accor properties rumored as chairman is ousted
Saturday, 07 Sep, 2005
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The world’s fourth largest hotel group, Accor, announced that its Chairman Jean-Marc Espalioux will be stepping down.
Industry analysts believe this may signal the sales of some of the group’s 4,000 properties worldwide, which include Sofitel, Ibis, Red Roof Inns and Mercure hotel chains.
Which Espalioux’s departure is connected to the underperformance of Accor’s stock compared to rivals such as Starwood Hotels & Resorts Worldwide Inc, analysts have stressed that Espalioux, 53, has done an excellent job in steering the group through a sharp downturn after the Sept. 11, 2001 attacks on the United States ravaged the tourism industry worldwide, reported Reuters.
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