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9/11 - Yahoo: Accor Profit Doubles
Accor Q1 2005 Profit Doubles
PARIS - Europe's largest hotel group Accor SA said Wednesday its
first-half net profit more than doubled, as it announced that CEO
Jean-Marc Espalioux is to step down in January.
Net profit at Europe's largest hotel group jumped to 156 million euros ($195 million) in January through June from 64 million euros in the year-earlier period, boosted by stronger pricing in its hotel rooms and the sale of hotel properties.
Accor, which owns the upscale Sofitel hotels as well as chains including Novotel, Mercure, Ibis, Motel 6 and Red Roof Inns, said it will look for a new CEO to replace Espalioux, who has run the company for nine years, "with a view to overseeing the group's new phase of development."
The company plans to open about 200 new hotels this year, mostly in Europe and emerging markets, and 1,000 hotels by 2009.