Accor Revenue Up Like-For-Like In H1

　　Accor, Courcouronnes, France, reported that its revenue for the first half of 2012 was up 3.6% year-on-year on a like-for-like basis.

　　Consolidated revenue was €2.7 billion (US$3.3 billion), down 0.1% year-on-year on a recorded basis, which included the sale of Lenôtre and Accor’s asset disposal strategy that reduced reported growth by 5.9% year-on-year and revenue by €160 million (US$196.5 million). Expansion increased revenue by €37 million (US$45 million).

　　In the second quarter RevPAR improved across every segment, up 0.1% year-on-year for upscale and midscale and 3.3% for budget as recorded. Management and franchise fee revenue rose by 20.1% year-on-year to €233 million (US$286 million) in the first half of 2012.

　　In France, the unfavorable impact of bank holidays in May and the lack of major events in June (such as the Paris Airshow and Vinexpo in Bordeaux) weighed heavily on quarterly performance. As a result, like-for-like revenue ended the period up 0.3% year-on-year in the upscale and midscale segment and down 0.8% in economy hotels.

　　In Germany, business was supported by a robust macroeconomic environment and stable demand, with like-for-like revenue growth standing at 4.5% year-on-year in the upscale and midscale segment and 4.7% in the economy segment. Prices improved substantially thanks to the favorable second-quarter trade fair calendar.

　　Demand in the United Kingdom remains very strong. However, preparations for the London Olympic Games had a negative impact on the revenue of the upscale and midscale segment that was down 3.9% like-for-like with the renovation of some London hotels and the anticipated closure of the Excel Congress Center as well as the O2 Arena. Growth was linked to business levels that remained very robust in emerging markets (the Asia-Pacific region, Latin America and Africa/Middle East). It was generally stable in Europe, with solid conditions in the key markets (excellent performance in the capitals) but still very challenging in the Southern European countries.

　　Despite low visibility and the uncertain economic environment in some regions, Accor anticipates these ongoing trends to carry on through the summer season.