Accor, Courcouronnes, France reported that its revenue in the third quarter increased 2.7% year-on-year to €1.6 billion (US$2.2 billion).
Given that revenue from January to September was up 3.8% year-on-year to €4.5 billion (US$6.2 billion), Accor says its confirming its target EBIT of €510 million to €530 million (US$705 million to US$732 million) for 2011.
The bulk of revenue came from Accor’s upscale and midscale hotels, which includes brands like Novotel, Pullman and Sofitel. The upscale and midscale segment rose 3.3% in the third quarter for €907 million (US$1.2 billion).
A 5.3% revenue increase to €516 million (US$713 million) came from the company’s budget hotels outside of the United States, which includes brands such as Formule 1 and Ibis.
Demand remained very strong for Accor in emerging markets, where revenue grew 10% in Asia Pacific and 19% for economy hotels and 10.8% for mid-scale and upscale hotels in Latin America.