La caída del dólar perjudica a Accor, Minor y Meliá

Key Points

• Accor, Minor International, and Meliá saw strong operational performance offset by significant currency-related losses due to the weakening U.S. dollar.
• U.S.-based hotel chains like Hilton and Wyndham were largely insulated from these impacts, thanks to their dollar-based reporting and hedging strategies.
• The dollar's 10.8% drop in early 2025, driven by tariffs and political tensions, created substantial foreign exchange volatility affecting non-U.S. hotel groups' earnings.

Summary

In the first half of 2025, major hotel groups Accor, Minor International, and Meliá experienced notable earnings setbacks as the U.S. dollar weakened sharply against other currencies, eroding reported revenues and profits despite strong underlying business performance. The decline, triggered by tariffs and political disputes, left euro and baht-reporting companies exposed to foreign exchange losses, while U.S.-based Hilton and Wyndham remained largely unaffected due to their domestic focus and use of hedging. These currency swings highlighted the vulnerability of globally diversified hotel operators to exchange rate volatility.