Accor Profits Down 37%

French hotel and services giant Accor SA reported a 37% decline in profits for the year Wednesday as economic gloom, war in Iraq and the weak dollar weighed heavily on tourism. The group behind international hotel chains Sofitel, Novotel, Ibis and Mercure, as well as U.S. brands Motel 6 and Red Roof Inns, said net profit fell 37.2% to 270 million euros ($330 million), or 1.36 euros ($1.66) per share, in 2003, from 430 million euros, or 2.18 euros per share, a year earlier.

"Geopolitical events, the economic slowdown and turmoil in the currency markets made 2003 an exceptionally difficult year for the travel and services industries," Accor said in a statement .