Accor smashes 2011 expansion targets

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Accor has reported a record year for expansion in 2011 with nearly 39,000 hotel rooms opened over the course of the year, exceeding its target of 35,000.
The figure marks a significant increase in expansion compared with 2010 when it opened 214 hotels and 24,900 rooms.
Asia Pacific accounted for 33% of the chain’s growth although the December acquisition of Mirvac’s 48 Australian and New Zealand properties which will add more than 6000 rooms to Accor’s portfolio, did not feature in the figures.
The French hotel giant revealed that its emerging markets remained “very strong” with Asia Pacific recording revenue growth of 8% in the upscale and midscale segment and 6.6% in the economy segment, overshadowing French growth of 3.3% and 3.9% respectively.
Overall revenue grew 5.2% like for like, including a strong performance in the fourth quarter which yielded 3.6% growth, spurred by improved room rates in the economy segment in the US and Europe.
On the basis of this performance, the hotel chain confirmed its full-year EBIT target of 510-530 million Euros.
Meanwhile, chief financial officer Sophie Stabile said that her outlook for 2012 was quietly positive, despite ongoing economic uncertainty in Europe and the US.
“I am optimistic but cautious in view of the economic climate,” she said. “We are on a decent booking trend for the coming months. At this stage, we are on the same trend as in the fourth quarter, except in southern Europe.”

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