Reuters that the company doesn’t comment on market rumors, while InterContinental has yet to respond to the news.Shares of both companies have been hard hit as the coronavirus pandemic wreaked havoc on the global travel industry, forcing many hotel operators to temporarily halt bookings, make jobs cuts and shore up their finances.
Accor’s stock has slumped more than 40% in overseas trading so far this year, while InterContinental, which trades on the New York Stock Exchange, is down over 23%. What’s more, Accor was recently downgraded to junk status by S&P Global earlier this week, meaning that the company now faces higher interest payments.for the two companies, since Accor’s family of brands is more skewed toward Europe but InterContinental has larger operations in the U.S.
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