AccorHotels is still struggling to make Onefinestay and John Paul profitable
The current short-term rental business is very important to the overall development of AccorHotels despite being small numbers.
After revealing earlier this year that it wrote off $288 million (246 million euros) from its major investments in private rental business Onefinestay and concierge service John Paul, AccorHotels is still challenged to make those businesses profitable.
During the company’s third quarter call on Thursday, AccorHotels Deputy CEO and CFO Jean-Jacques Morin noted in prepared remarks that “Onefinestay and John Paul posted negative growth following the strategic review we initiated last summer.” Accor bought both companies in 2016.
When pressed by analysts to divulge more information or details as to what went wrong with those businesses during a third quarter earnings call, Morin didn’t have much to say, except to allude to integration issues.
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