Accor's challenge: a delicate demerger démarche | wsj.com

Accor's decision to demerge its services division should undoubtedly create value, but how much?That will depend on whether one of the world's biggest international hotels group, stripped of its prepaid-vouchers unit, is successful in reinventing itself as a less-capital-intensive, higher-return business. That could prove tough. It involves clearing €1.2 billion ($1.