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February 27, 2011

Accor Reports Profit Rise

Accor reported a profit of €3.61bn ($4.95bn) in 2010, compared with a loss of €282m ($390.8m) in 2009. The French hotel group's full year earnings before interest and taxes rose to €446m ($611.6m) in 2010, from €235m ($322m) a year earlier. Accor's r

By cms admin

Accor reported a profit of €3.61bn ($4.95bn) in 2010, compared with a loss of €282m ($390.8m) in 2009.

The French hotel group’s full year earnings before interest and taxes rose to €446m ($611.6m) in 2010, from €235m ($322m) a year earlier.

Accor ‘s revenue increased by 8.4% to €5.95bn ($8.15bn) from €5.49bn ($7.4bn) in 2009, boosted by an increase in demand in most countries, followed by a gradual stabilisation in average room rates, the company said.

Accor operates 4,229 hotels comprising 507,000 rooms with plans to expand its portfolio by 101,000 rooms in the next few years, 42% of which will be in Asia Pacific and 32% in Europe.

Accor plans to sell more than 450 hotels between 2010 and 2013 to reduce its debt of €2bn.

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