The currency volatility in 2025 has hurt the earnings of some of the biggest hotel chains. While those reporting in euro and baht have suffered, U.S. chains appear to be largely unaffected.
Accor, Meliá Hotels, and Minor International all reported currency-related losses that offset solid operational performance. Hilton and Wyndham based in the United States, which report earnings in dollars did not mention currency exchange impacts during their earnings calls and appeared to be protected from similar pressures.
In the first six months of 2025, the U.S. index fell 10.8% following the Trump Administration’s April tariffs. The dollar’s sharp decline against the euro and other currencies was caused by the subsequent investor withdrawal.
Currency is Among the Biggest Headwinds for Accor
Accor Repo, based in Paris
