Accor expands amid solid first half

Accor expands amid solid first half
By admin

Accor has so far rebranded 661 hotels under its Ibis “megabrand” program as it reported a “solid performance” in all segments in the first half of the year.

The hotel group said steadily rising room rates had helped increase revenue by 3.6% to 2.7 billion Euros.

Earnings before interest and tax climbed more than 10% to 212 million Euros while net profit hit 80m Euros before the sale of Motel 6 to Blackstone, up from 62m Euros in the previous corresponding period.

Accor contained its expansion during the six-month period with the opening of 141 rooms, totalling 20.700 rooms, the majority under management contracts and franchise agreements.

Just under 60% were in Asia Pacific, 25% in Europe, 13% in Africa and the Middle east and 5% in Latin America. Almost 110,000 additional rooms are due to open before 2016.

Accor described its performance in the up and midscale market as “satisfactory” with revenue rising 3.5% on a like-for-like basis.

Turning to business trends, the group said Revenue per available room (RevPAR) climbed 2.7% in the mid to upmarket properties and 0.2% in the economy sector.

“This performance remains in line with first half trends, with figures stable in Europe despite the deteriorating situation in southern countries,” Accor said. The company is targeting a year end EBIT of between 510 million and 530 million Euros, up from the 515m in 2011.

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