UPDATE 1-Accor Q1 sales accelerate, caution on France, Brazil
(Adds CFO comments, details)
By Dominique Vidalon
PARIS, April 16 (Reuters) - Accor, Europe's largest hotel group, said on Thursday sales growth accelerated in the first-quarter, driven by robust demand for hotel rooms across most regions.
The world's fourth-largest hotel group however remained cautious on Brazil, where the economy was slowing, and on France where the deadly attacks by Islamist militants in Paris in January weighed on demand for budget hotels.
Accor, which competes with InterContinental, Marriott and Starwood is undergoing a reorganisation begun by Chief Executive Sebastien Bazin.
But it has faced a string of problems ranging from a weak economic climate to rising value-added taxes in its home market which generates 30 percent of group revenue.
Quarterly revenue reached 1.225 billion euros ($1.31 billion), a like-for-like rise of 5.6 percent that marked an acceleration from 5.1 percent growth achieved in the fourth quarter 2014.
Chief Financial Officer Sophe Stabile told a conference that the quarter saw very positive trends in Germany and in Britain as well as in midscale and upscale hotels in France while Spain and Portugal were recovering fast as did Australia.
Latin America did well except for Brazil, which makes 7 percent of group revenue, and where Accor's performance remained uncertain in all hotel segments. Continuación...