Accor reports a slow-down in revenue growth
French hotel group Accor has reported like-for-like revenue growth of 1.3% during the third quarter of 2012, compared with 3.6% during the first half of the year.
As a result, revenue for the first nine months of 2012 reached £3,385m, up 2.8% compared with the same period in 2011. Meanwhile, management and franchise fees increased 12.9% in the third quarter, thanks to the opening of 189 hotels with 26,400 rooms worldwide.
In London, the group benefited from the Olympic and Paralympic Games during the third quarter, with 100% occupancy achieved during the former. Across the UK, revenue growth of 4.9% was achieved in the upscale and midscale hotels and 6% in the economy segment. The performance, however, was partially offset by the closure before and after the games of several major venues - most notably ExCel - as they were prepared for sporting events.
Upscale and midscale hotels in the UK achieved occupancy rates during the third quarter of 83.4% (78.7% for the first nine months of the year), along with an average room rate of £87 (£83) and revenue per available room (revpar) of £72 (£66). Occupancy levels in the economy sector during the third quarter reached 83.4% (78.2% during the first nine months of the year), with an average room rate of £51 (£48) and revpar of £42 (£37).
Accor currently has 5,542 rooms in upscale and midscale hotels across the UK, and 9,363 rooms in economy hotels. Worldwide there are 440,000 rooms across 3,500 hotels.
With robust business in Asia Pacific and Latin America, and despite ongoing economic difficulties in Europe, Accor confirmed that its 2012 full-year earnings before interest and tax were on target at £410m-£427m.
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By Janet Harmer
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