Accor Misses Estimates But Upgrades Profit Guidance
Skift Take
Accor's 3Q earnings report included an upgrade to its core profit guidance. Plus more hotel deal and development news.
The DJIA rose 473 points on Friday, while Nasdaq was up 263, the S&P 500 rose 53 points and the 10-year treasury yield was up .01 to 4%. Lodging stocks were mixed. HBNB surged to a new high with the Philippines hotel company up 17%. CHH traded down to another 52-week low.
Accor's 3Q earnings report was short on beating estimates, with a narrow miss, and long on other activities. They upgraded their core profit guidance and said they are planning a 100 million euro share buyback in 4Q. They also teased that they are considering listing their lifestyle hotel brand Ennismore. They did say that if they list the brand as a separate entity, Accor would remain the majority shareholder. Details at Skift.
The American Hotel & Lodging Association, its members, and allied organizations sent a letter to the leaders of the US House of Representatives and Senate, urging them to end the government shutdown. The AHLA estimates that, as we entered the
