Accor Second-Quarter Revenue Declines After Lenotre Divestment
Accor SA (AC), the largest hotel company in Europe, reported second-quarter revenue that missed analysts’ estimates after selling its Lenotre catering unit.
Sales declined to 1.48 billion euros ($1.8 billion) from 1.49 billion euros a year earlier, the Paris-based owner of the Sofitel and Ibis brands said in a statement today. Analysts expected about 1.61 billion euros, the average of three estimates compiled by Bloomberg. Revenue excluding new openings, acquisitions and currency fluctuations rose 3.1 percent.
Accor agreed in August 2011 to sell Lenotre to Sodexo (SW) after completing the disposal of its stake in casino-company Groupe Lucien Barriere and other assets to focus on its lodging business.
In May, Accor agreed to sell the Motel 6 chain to Blackstone Group LP for $1.9 billion to reduce the company’s debt and pay for its expansion in Asia. The company restated year-earlier revenue to reflect the planned sale.
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