Accor Q1 revenue slips as Southern Europe weighs
PARIS, April 17
PARIS, April 17 (Reuters) - Europe's largest hotel group, Accor, said on Wednesday that weak demand for budget hotels in Southern Europe weighed on first-quarter sales and said it expected the trend to continue in the second quarter.
The world's fourth-largest hotel group behind the InterContinental, Marriott and Starwood chains said revenue in the first three months of 2013 reached 1.227 billion euros ($1.61 billion), a like-for-like decline of 0.1 percent.
This marked a slowdown from like-for-like growth of 2.5 percent in the fourth quarter of 2012. ($1 = 0.7616 euros) (Reporting by Dominique Vidalon; Editing by James Regan)