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Accor first-quarter revenue slips as Southern Europe weighs
April 17, 2013 / 3:57 PM / in 4 years

Accor first-quarter revenue slips as Southern Europe weighs

PARIS (Reuters) - Europe’s largest hotel group, Accor (ACCP.PA), 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 (IHG.L), Marriott MAR.N and Starwood HOT.N 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.

Reporting by Dominique Vidalon; Editing by James Regan

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