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Hotels: Review of H1 results in Hotels: Trends in NA still positive and recovery in Europe continuing. Negative FX for companies reporting in EUR.
HotelsReview of H1 results in Hotels: Trends in NA still positive and recovery in Europe continuing. Negative FX for companies reporting in EUR.
The rebound in Europe was widely confirmed in H1 whereas RevPAR in NA continued to grow, albeit at a slower pace highlighting the fact that including July 2018, US RevPAR has now increased for 101 months in a row. As expected, groups reporting in EUR were clearly affected by the USD/EUR parity. Following the H1 results, we have reduced our 2018 FY estimates for AccorHotels mainly due to new businesses and moved our FV to EUR53 from EUR55 (Feedback CC and Contact.. ).
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Bryan Garnier
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Bruno de La Rochebrochard
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