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Accor buoyed by positive first half

Accor buoyed by positive first half

Strong results for the first half of financial 2011 at Accor – Europe’s largest hotel group – have illustrated the returning momentum in the global hotel sector.

Sales at Accor rose 4.4 per cent as a recovery in demand for its mid and higher-grade hotels accelerated in the second quarter.

Accor went on to predict the good momentum would carry through 2011.
“Occupancy rates are rising steadily and the recovery in average room rates is gradually spreading to all segments,” the company said in a statement.

Total first-half sales were €2.973 billion, up 5.8 per cent on a like-for-like basis.

Accor also said it opened 13,700 new rooms in 108 hotels over the period.

With operations in 90 countries and 4,200 hotels - ranging from the luxury Sofitel chain to the budget Ibis and Motel 6 operations - Accor has a market capitalisation of €6.6 billion.

It is fourth-largest hotel group behind InterContinental, Marriott and Starwood.