PARIS, Feb 22 (Reuters) - AccorHotels, Europe’s largest hotelier, posted a forecast-beating 3.8 percent rise in like-for-like operating profit last year, helped by restructuring efforts and a fourth quarter marked by some improvement in its core French market.
AccorHotels said a plan to turn property unit HotelInvest - whose assets are worth 6.6 billion euros ($7 billion) - into a subsidiary in 2017 ahead of then selling the majority of its capital to institutional investors would give it significant headroom for expansion.
Earnings before interest and taxes (EBIT) rose to 696 million euros in 2016. This compared with a revised company’s guidance of between 670 million to 690 million euros. Analysts polled by Financial Inquiry for Reuters expected 676 million euros.
$1 = 0.9486 euros Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta