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Accor reports decline in revenue
France-based hotel operator Accor has reported 7.9 per cent decrease in like-for-like revenue during 2009, compared with 2008, as its hotel business continued to suffer due to the downturn.
The group – which operates the Ibis, Novotel and Mercure brands – saw revenue at its hotel business fall by more than 10 per cent but said that there had been signs of improvements during the fourth quarter, compared with previous quarters. In a statement, a company spokesperson said: "Hotels revenue declined by 10.1 per cent over the year and 8.3 per cent in the fourth quarter, which showed a slight improvement compared with previous quarters, mainly due to the first signs of stabilization in occupancy rates in December in Europe."
Meanwhile, Accor confirmed that it was still targeting a pre-tax operating profit of between €400-450m (£350-394m, US$565-636m) when it posts its annual results in February, despite a 50 per cent devaluation of the Venezuelan bolivar.
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