Accor Eyes Hotel Acquisitions Amid Downturn | Reuters

Accor (ACCP.PA), Europe's largest hotelier, plans to set aside 100 million euros ($132.8 million) a year to buy hotels put up for sale as a result of the global downturn, the group's chief financial officer said on Sunday. Jacques Stern also said that revenues from Accor's hotels, which range from the budget Ibis to luxury Sofitel brands, would be similar in the second quarter to the first.