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Accor Q3 growth slows as southern Europe drags
October 16, 2012 / 4:00 PM / 5 years ago

Accor Q3 growth slows as southern Europe drags

PARIS, Oct 16 (Reuters) - Accor, Europe’s largest hotel group, said revenue growth slowed in the third quarter as tough business conditions worsened in recession-hit southern Europe.

The French company, with more than 4,400 hotels ranging from the luxury Sofitel to the budget Ibis chains, said that it was reasonably optimistic for the end of the year in view of robust demand in Asia and Latin America and kept its full-year guidance.

Accor said it was still expecting that 2012 earnings before interest and tax (EBIT) would be in a range of 510-530 million euros against 515 million in 2011, restated for the sale of U.S. budget hotel chain Motel 6.

Accor, the world’s fourth-largest hotel group, said third-quarter sales reached 1.485 billion euros ($1.93 billion).

Like-for-like revenue grew 1.3 percent, against 3.1 percent in the second quarter. ($1 = 0.7679 euros) (Reporting by Dominique Vidalon; Editing by James Regan)

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