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Accor shares jump
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September 30, 1999: 9:19 a.m. ET
Operator of Sofitel, Motel 6 chains posts lower half but rosy forecast
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LONDON (CNNfn) - French hotel operator Accor outperformed a sagging Paris bourse Thursday as its shares rose after a forecast of higher-than-expected full-year earnings.
The company, whose chains include Sofitel and Motel 6, reported a 2.7 percent decline in first-half net profit to 155 million euros ($164 million) Thursday.
However, Accor (PAC) shares surged 2.6 percent to 217.60 euros after the company forecast a 10 percent rise in 1999 earnings to 330 million euros and outlined further growth plans.
Accor boosted its hotel portfolio by 20 percent to 3,170 in the first-half, lifting it from fifth to third place in the global industry ranking. The company aims to claim the number one spot, overtaking top-ranked Starwood Hotels & Resorts (HOT).
Sales climbed 4.4 percent to 2.85 billion euros in the first half and are forecast to climb 8 percent to 6 billion euros in 1999.
Accor also controls Carlson Wagonlit Travel, one of the world's largest travel agencies, and boosted its U.S. business in June with the $1.1 billion acquisition of Red Roof Inns, the budget lodging chain. 
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Accor
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