Accor and Nh Hotels Equity Analysis

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Two European Hotel Groups: Equity Analysis Table of Contents Introduction ........................................................................................................................................... 3 Business Description ......................................................................................................................... 4 Industry Analysis ................................................................................................................................. 5 Current State of the Hospitality Industry ....................................................................... 5 Future of the Hospitality Industry ..................................................................................... 5 Financial Results in 2005 ................................................................................................................. 6 International Financial Reporting Standards ............................................................... 6 Accord ............................................................................................................................................ 7 NH Hotels ..................................................................................................................................... 8 Financial Analysis & Valuation ................................................................................................... 10 Price Earnings & Market to Book Ratios ....................................................................... 10 Return on Equity

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