Accor revenues spike 10% in Q3

PARIS Accor’s hotel revenue is up 6.8% on a like-for-like basis in the first nine months of 2010, including 9.8% growth in the third quarter, the company has announced.

Accor’s year-to-date expansion has added €61 million to revenue and 1.6% to reported growth, attributable to the opening of 130 hotels representing a total of 15,400 guestrooms.

Revenue for the third quarter totalled €1.5 billion, an increase of 12.2% as reported over the year earlier period. This figure takes into account  the opening of 37 hotels and 4,500 guestrooms during the period and a 4.3% positive adjustment for currency valuations.

Generally, Accor reports continued improvement in occupancy rates and rising ADR, particularly in the upscale and midscale segments, which saw a combined 11.6% like-for-like growth in the quarter. The positive trend that was observed in the first half of the year accelerated in the third quarter, with rates in the main Europe markets improving.

In light of the ongoing growth across all hotel segments, Accor has upgraded its 2010 EBIT target to between €400 million and €420 million, from the target of between €370 million and €390 million announced on August 26.