Hotel giant sees no demand slowdown

Europe’s largest hotel group said it had not seen any signs of a slowdown in demand and expects a rise of up to 19 percent in its core operating profit this year.

Accor, which owns 4,200 hotels worldwide, also unveiled further plans to sell assets to cut debt and said it would focus the growth of its economy hotels business on its Ibis brand which is already the biggest earner in the group.

The world’s fourth-largest hotel group, behind the InterContinental, Marriott and Starwood Hotels chains, said it would use its cash to renovate and expand its hotel network.