Accor swings to net profit in 2013

Accor SA said 2013 profit rose 1.9 percent on cost cuts and an overall hotel industry recovery. Earnings before interest and taxes rose to 536 million euros ($737 million) from 526 million euros a year earlier.

“While the economic environment remains uncertain in a few regions, overall we are benefiting from the global recovery,” CEO Sebastien Bazin (pictured) said in the statement.

Accor reported annual net income of 126 million euros compared with a year-earlier loss of 599 million euros that was caused by the sale of its Motel 6 chain.

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In November, Accor scrapped a plan to sell properties and expand through operating more hotels. The change was Accor’s first since Bazin took office in August after the company fired his predecessor Denis Hannequin.

Going forward, Accor will be split into two distinct businesses: one focusing on operating the group’s 14 global hotel brands; the other focusing on hotel ownership and investment.

The company opened 22,637 rooms in 2013, bringing the total number of rooms it operates to 461,719, Accor said in January.