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Asia weakness drags on Accor revenue growth in 2019
[PARIS] Accor said on Thursday that street protests in Hong Kong and transport strikes in France had weighed on its performance in 2019, as revenues and profits at Europe's largest hotel group grew slightly more slowly than expected.
The group, which owns hotel chains like Movenpick and Sofitel, said annual sales rose 16 per cent from a year earlier to 4.05 billion euros (US$4.37 billion) and were up 3.8 per cent when not including the effects of acquisitions and currency movements.
Analysts polled by Refinitiv had expected revenue to come in at 4.1 billion euros.
Accor, which said it would step up a share buyback programme this year and next, added that trade tensions between the United States and China had also hit its business in Asia-Pacific, where it generates a third of its sales.