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Highlights of Accor‘s growth in 2011 included:
– Record expansion, with the opening of 38,700 rooms, mainly under franchise and management contracts. 1,000 hotels are now franchised in Europe.
– Sustained, firm business levels in every segment, led by the combined impact of rising demand and higher room rates.
– Sharply improved operating performance, with EBITDAR margin gaining +1.2 pts to 31.5% like-for-like and a 56% flow-through ratio1.
– Sustained deployment of the asset management program, with the refinancing of 129 hotels (nearly 15,000 rooms) reducing adjusted net debt by 533 million euros. Since the beginning of 2012, eight more hotels have been refinanced, with a 119-million euros impact on adjusted net debt.
– Faster transformation of Motel 6, with the disposal of 41 hotels (28 in 2010) and the opening of 55 new franchised units.
– A sound, strengthened financial position.
“Performance in 2011 was remarkable and demonstrates the new growth potential of Accor, of its brands and of its operations” said Denis Hennequin, Chairman and Chief Executive Officer. “All of our objectives have been met or exceeded. The Group is in excellent financial health, which enables us both to continue our growth strategy and to submit to the next Annual Shareholders Meeting a total dividend of 1.15 euros per share. During this year of transformation, Accor enjoyed record expansion and strengthened its presence in emerging markets. We have initiated strategic changes that will structure our business for the future, with the ambitious objective of becoming the global reference in hotel industry.”
2012 Trends and Outlook
The trends observed in fourth-quarter 2011 continued into January 2012, with RevPAR figures stable in Europe and strong revenue growth in the emerging markets. The Economy segment in Europe and the United States is continuing to benefit from rising room rates. Despite the uncertain economic environment, business is holding firm, in line with the growing recovery observed since 2010. Supported by favorable drivers in markets like France, Germany (calendar of fairs), the United Kingdom (Olympic Games), Eastern Europe (European Football Championship), Latin America and the Asia-Pacific region, Accor is confident as it moves into 2012.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
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