Europe’s biggest hotel group reports strong H1

Accor opened 13,700 rooms during first half, but remains cautious

Accor, Europe’s biggest hotel group, reports a 27.5% increase in earnings in H1 2011. Revenues rose to €2.97 billion, an increase of 4.4% compared to same period in 2010. But the company says it will stay “watchful” about the continent’s fragile economy and the possibility of a double-dip recession in the second half. No evidence of such an impact has yet been detected, it added.
Behind the encouraging figures are higher occupancy, a slow but steady recovery in rates, and cost control. Accor opened 13,700 rooms during the first half, adding to operations in 90 countries and 4,200 hotels.
Reuters
[pictured: V Villas Hua Hin, managed by Accor]