Already a Bloomberg.com user?
Sign in with the same account.
Eurazeo SA (RF), the French investment firm that owns a stake in hotel group Accor SA (AC), said its net loss widened in the first half of the year because of the sale of Motel 6 and restructuring costs.
The loss increased to 126.6 million euros ($158.9 million) in the six months to June, from 106.3 million euros a year earlier, the Paris-based firm said in a statement today. The firm suffered a 54.1 million-euro loss when Accor disposed of U.S. budget hotel chain Motel 6 to Blackstone Group LP in May.
Europe’s sovereign debt crisis has slowed asset sales and hampered the ability of companies owned by Eurazeo to grow. Like-for-like revenue for Eurazeo’s portfolio companies advanced 2.6 percent during the period, the firm said. The companies fully consolidated by Eurazeo, which include parking-lot operator Apcoa, car rental specialist Europcar and cleaning- services provider Elis SA, narrowed their operating loss to 1.8 million euros from 37.6 million euros after Eurazeo lowered the cost of their debt.
“Eurazeo actively engaged in consolidation of group companies’ balance sheets during the first half of 2012,” Chief Executive Officer Patrick Sayer said in the statement. “As a consequence, the net recurrent result is close to stable.”
Separately, Eurazeo’s real estate developer, ANF Immobilier (ANF), said today it received offers totaling 816.6 million euros for some of its properties. Fonciere des Murs (FMU) SCA and La Francaise REM have bid about 503.5 million euros for 160 B&B brand hotels, ANF Immobilier said in a statement. Grosvenor Group Ltd., the U.K. real estate firm owned by the family trust of Britain’s Duke of Westminster, offered to buy a “substantial share” of ANF Immobilier’s residential and commercial buildings in Lyon, France, for about 313.1 million euros.
Eurazeo’s net asset value a share fell to 53.9 euros as of Aug. 22, from 57.2 euros on March 8. Net asset value stood at 51.7 euros as of June 30, Eurazeo said.
The stock rose 0.17 percent to 35.6 euros at 15:43 p.m. in Paris, giving the company a market value of 2.5 billion euros.
To contact the reporter on this story: Anne-Sylvaine Chassany in London at email@example.com
To contact the editor responsible for this story: Edward Evans at firstname.lastname@example.org