Accor Enjoys Revenue Growth
EUROPEAN UNION. Janaury 27, 2006. Accor's consolidated revenue rose by 7.9% to EUR7,622 million for the year ended December 31, 2005. At constant scope of consolidation and exchange rates, the increase was 4.7%. Expansion added 4.5% to revenue growth while asset disposals had a negative 2.5% impact.
During the year, 182 hotels (23,632 rooms) were opened and 90 hotels (11,626 rooms) were closed, increasing the portfolio to 4,065 hotels (475,433 rooms) at December 31. Of the new openings, 75% were units operated under non-capital intensive agreements (management or franchise contracts) and 25% were owned or leased properties. The currency effect had a positive 1.2% impact on revenue growth, primarily due to the appreciation of the Brazilian real.
Upscale and Midscale hotel revenue increased 2.7% like-for-like in the fourth quarter, in line with the trend over the first nine months of the year. For the year, segment revenue rose 2.8%, both as reported and like-for-like. Business was very satisfactory in North America, Latin America and Asia, with like-for-like revenue increasing by 7.3%. In the United States in particular, revenue was up 10.7% like-for-like.
Growth was more moderate in Europe, rising 1.5% like-for-like. In France, revenue increased by 1.4% like-for-like, reflecting a slight decline in the occupancy rate and effective management of average room rates.
In a still lackluster business environment, revenue in Germany rose 1.3% like-for-like, as the occupancy rate improved without any increase in the average room rate. In the United Kingdom, revenue was up a solid 4.4% like-for-like despite the impact of July's terrorist attacks.
The Economy Hotel segment confirmed its solid performance, with full-year revenue growth of 9.6% as reported and 4.1% like-for-like. The like-for-like increase was 3.6% in France and 3.5% in the rest of Europe.
Expansion added 5.1%, or EUR63 million, to growth, with 64 hotel openings (8,064 rooms), including 10 Ibis in Spain.
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