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AccorHotels beats 2016 forecasts; Sarkozy to head int'l strategy

Earnings before interest and taxes rise 3.8% as restructuring efforts pay off

Paris

ACCORHOTELS, Europe's largest hotelier, posted a record operating profit for 2016, which beat expectations, as restructuring efforts paid off and robust demand in Germany and Britain offset weakness in France.

However, shares in the company - which have outperformed the market in 2017 - lost ground on concerns over its future use of cash and a lack of guidance for 2017.

Having recruited former French president Nicolas Sarkozy to head its international strategy, AccorHotels said it was moving along...

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