BTN Europe presents an overview of business travel and MICE predictions for this year
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"No significant improvement" in economy
Accor reported total revenue of €5,258m for the first nine of months of 2008, a drop of 8.2% on the same period in 2008.
The French hotel chain said revenue for its hotels dropped 10.7% in the nine months from €4,317m in 2008 to €3,891m this year.
Up and mid-market brands, like Sofitel and Novotel saw a 12.2% drop in revenue form €2,554m to €2,248.
Revenue from its budget brands, including Ibis and Formule 1 fell by 6.8% from €1,310m to €1,216m.
Accor said its revenue had been affected by its expansion strategy which had added €251m, its re-focusing on aspects of its business which had lost it €220m and varying Euro exchange rates which had cost it €74m.
For the third quarter, Accor said its hotel revenue had dropped 9.3% to €1,357m with the up- and mid-market properties seeing a 12.2% drop and the budget sector a 6.8% fall.
In France revPAR (revenue per available room) in the third quarter slumped 17.1% in up- and mid-market properties in Paris and by 5.8% in the regions.
In the UK, Accor said revPAR in the three months fell 6% in London but 16.4% in the regions in the up- and mid-market properties.
In the budget sector, revenue fell by 6.8% with revPAR in Paris dropping by 8%.
In its statement, Accor said that in the nine months, there had been no significant improvement in the economic climate.