Accor Hospitality

Accor cautiously optimistic about 2012 after Q4 report

18 Jan, 2012

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Hotel operator Accor reported a drop in revenue for the fourth quarter mainly due to negative impact of its asset-management strategy on revenues, NASDAQ reports. Total revenue for the quarter dropped 1.1 percent to $1.92 billion from $1.95 billion in the same quarter last year. The negative impact of the asset-management strategy reduced revenue by 6.1 percent. Reuters reports that the hotel group said the debt situation in southern Europe had continued to deteriorate in the fourth quarter and was not expected to improve this year. "I am optimistic but cautious in view of the economic climate," said CFO Sophie Stabile. "We are on a decent booking trend for the coming months."
 

External Source : NASDAQ, Reuters