Accor First Quarter Revenue Misses Market Estimates
Europe's largest hotel group reported a 2.7 percent drop in revenue to 1.31 billion euros for the first quarter. Regional instability weighed on performance.
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ACCOR SA, the largest hotel operator in Europe, reported a 2.7% decline in first-quarter revenue on Thursday, missing market expectations by a narrow margin. The company, which manages prominent brands such as Ibis and Novotel, generated 1.31 billion euros ($1.53 billion) for the period ending March 31. This result fell short of the 1.33 billion euros projected by analysts in a company-compiled poll.
