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Market hit in fourth quarter by downturn
French hotel group Accor reported a 2.1% rise in revenues to €5,767m fro 2008.
It said revenues rose by 5.1% for the first six months of 2008, compared with 2007.
But growth shrunk to 1.1% in the third quarter and then by a further 2.8% in the last three months.
The Paris-based hotel and services company said it was on target for a pre-tax profit of €870-890m for the year, a 12% increase on 2007.
Accor said its hotels, whose brand include Sofitel, Novotel, Mercure and Ibis, has performed with "resilience" during the year as market conditions worsened.
It said operations in Germany and France, which account for 54% of its hotel business, were less hit by the recession than other countries.
But revenues declined by 2-4% in the fourth quarter.
Four other European countries, the UK, Spain, Italy and Portugal which account for 31% of hotel revenue, were more badly hit and revenues dropped by 8% in the three months.
Three other regions, Africa, Asia and Latin America which account for 15% of hotel revenue, were not affected by the downturn.