Accor posts loss despite record expansion

Accor posts loss despite record expansion
By admin

Accor has said it will open 30,000 rooms per year until 2016 as it reported a net deficit of 599 Euros in 2012 following an accounting loss of 679m Euro on the sale of Motel 6.

Excluding the impact of the sale, the hotel group said the performance and result was "solid" with revenue up 2.7% to 5,549m Euros and earnings before interest and tax rising 3% to 526m Euros.

Net profit hit 80m Euros before the Motel 6 disposal.

Accor said 2012 saw record expansion with the opening of more than 38,000 rooms across 266 hotels, 85% of which are under management or franchise agreements.

Almost half were in Asia Pacific, 28% in Europe, 14% in Latin America and 10% in Africa and the Middle East.

The company said it plans to save 100m Euros between 2013 and 2014 "to maintain the group's competitiveness".

It reported a "good" year in the economy sector with revenue up 3.4% and a "stable" performance in the up and midscale market where revenue climbed 1.4%.

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