Accor: 2009 Revenue Down 7.9% Like-for-Like

Jan 19, 2010, 16:45 ET from Accor

PARIS, January 19 /PRNewswire-FirstCall/ -- In a business environment still severely hit by recession:

    - Prepaid Services revenue was up 1.4% for the year, in line
      with the objective set last August, but was down 3.8% in the final
      quarter

    - Hotels revenue declined by 10.1% over the year and 8.3% 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

Full-year 2009 target for operating profit before tax and non-recurring items confirmed at between EUR400 million and EUR450 million

Consolidated revenue for 2009 totaled EUR7,065 million, down 7.9% like-for-like and 8.5% on a reported basis compared with 2008.

    (in EUR millions)          2008       2009    % change         % change
                                               as reported  like-for-like(1)
    Hotels                    5,749      5,186       -9.8%           -10.1%
    Upscale and Midscale      3,427      3,026      -11.7%           -11.5%
    Economy                   1,723      1,626       -5.7%            -6.1%
    Economy US                  600        534      -10.9%           -13.8%
    Prepaid Services            978        943       -3.6%            +1.4%
    Operating Revenue           849        840       -1.0%            +3.9%
    Financial Revenue           129        103      -20.3%           -15.0%
    Other businesses            995        935       -6.0%            -4.6%
    Total                  7,722(2)      7,065       -8.5%            -7.9%

    (1) At constant scope of consolidation and exchange rates.

    (2) Impact of the retrospective application of IFRIC 13 - Customer
        Loyalty Programs from January 1, 2008.


    2009 revenue performance was shaped by the following factors:

    - A 7.9% like-for-like decline in revenue;

    - The expansion strategy, which increased revenue by EUR337
      million, adding 4.4% to reported growth. The increase was led by the
      consolidation of Orbis and the opening of 27,300 rooms over the year,
      as well as by the EUR103 million impact of consolidating 49% of Groupe
      Lucien Barriere's revenue since July 1, 2009.

    - The impact of refocusing on Hotels and Prepaid Services
      (which led to the disposal of the Brazilian foodservice business), the
      ongoing deployment of the asset-right strategy and the loss of the
      onboard train services contract in France. All these factors reduced
      revenue by EUR271 million and reported growth by 3.5%.

    - The 1.4% negative currency effect, which trimmed EUR111
      million from revenue and was primarily due to the euro's appreciation
      against the British pound and the Brazilian real and to the 50%
      devaluation in the Venezuelan bolivar. On the upside, the euro/US
      dollar exchange rate had a positive 0.4% impact on reported growth.

Fourth quarter revenue came to EUR1,806 million, down a reported 7.2% on the year-earlier period. On a like-for-like basis, revenue was down 7.1% year-on-year, reflecting an 8.3% contraction in the Hotels business and a 3.8% decline in Prepaid Services.

Prepaid Services: Revenue up 1.4% like-for-like for the year

Revenue from the Prepaid Services business stood at EUR943 million for the year, down 3.6% as reported, reflecting the following factors:

    - The slight 1.4% like-for-like growth in revenue over the year, as a
      3.9% increase in operating revenue offset a 15.0% drop in financial
      revenue.

    - The negative currency effect, which reduced reported revenue
      by EUR50 million or 5.2%. Of the total negative effect, 2.1% stemmed
      from the recent devaluation of the Venezuelan bolivar, 0.8% from the
      weakness of the Brazilian real, 0.6% from the decline of the Mexican
      peso against the euro and 0.5% from the decline of the British pound
      against the euro.

Revenue for the fourth quarter alone totaled EUR256 million, a decline of 10.2% as reported and 3.8% like-for-like. Operating revenue edged up 0.2%, supported by the business' strong growth drivers, which were impacted during the quarter by a sharp rise in unemployment, especially in Europe. Interest income fell by 31.1%, hard hit by the decline in interest rates around the world.

    - In Europe, like-for-like revenue was down 2.2% year on year
      at EUR165 million. The contraction reflected the net impact of a 1.8%
      increase in operating income and a 31.7% drop in interest income,
      whose decline has gained momentum with every quarter (up 5.1% in Q1,
      down 10.8% in Q2 and down 20.3% in Q3).

    - In France, revenue contracted 6.9% like-for-like in the fourth
      quarter, including declines of 2.8% in operating revenue and 36.1% in
      interest income. Operating revenue for the period reflected both a
      solid performance in Ticket Restaurant meal vouchers and CESU human
      services vouchers (up 3.5%) and weaker demand for gift vouchers during
      the holiday season (down 10.7%).

    - Revenue in the United Kingdom rose 2.3% like-for-like during
      the final quarter, with a 4.4% increase in operating revenue offsetting
      a 19.9% fall-off in interest income. Operating revenue was shaped by
      the combined impact of strong demand for childcare vouchers, up 6.3%,
      and weak demand for gift cards, down 10.4%.

    - In Latin America, revenue declined 5.2% like-for-like to
      EUR76 million during the quarter. Operating revenue edged back 0.9%.
      Revenue growth is being dragged down by the sustained drop in interest
      income, which after rising 26.3% in the first quarter began a steady
      decline in the second (down 16.5%), third (down 22.9%) and fourth
      (down 29.4%).

    - Revenue in Brazil declined by 6.7% like-for-like in the
      fourth quarter. An exceptionally high 2008 comparable base pushed
      operating revenue down 3.7%. Like-for-like operating revenue was up
      22.3% in Q4 2008 versus a full-year increase of 13.2%. Interest income
      fell a much steeper 25.3%.

    - Hispanic Latin America saw a 3.6% like-for-like decline in revenue,
      reflecting a 2.3% increase in operating revenue and a 33.3% collapse
      in interest income

Hotels: Revenue down 10.1% like-for-like for the year

Hotels revenue for the year amounted to EUR5,186 million, down 9.8% as reported, reflecting the following factors:

    - A 10.1% like-for-like contraction in revenue illustrates the
      firmer resistance of the European economies compared with the
      US economy.

    - The impact of the Group's expansion strategy, with 1) the
      opening of 27,300 rooms in 2009, attesting to the sustained expansion
      momentum despite the recession in the hospitality industry, and 2) the
      consolidation of Orbis hotels, which added 3.0% to reported growth.

    - A negative 1.8% impact from the sale of hotel properties
      under the asset-right strategy.

    - A negative 0.9% currency effect.

Revenue for the fourth quarter alone totaled EUR1,296 million, a year-on-year decline of 9.6% as reported and 8.3% like-for-like.

December saw signs that occupancy rates were beginning to stabilize in every segment except Motel 6.

Upscale and Midscale Hotels

In 2009, revenue in the Upscale and Midscale segment declined by 11.7% as reported and 11.5% like-for-like.

While falling back 9.4%, fourth-quarter revenue showed a slight improvement in business compared with previous quarters as occupancy rates began to stabilize in December.

    - The fourth-quarter improvement was less perceptible in
      France than in the rest of Europe, where revenue fell 11.7% during the
      period, compared with declines of 8.8% in the third quarter, 14.8% in
      the second and 10.1% in the first. Note that in France third-quarter
      revenue was lifted by relatively sustained demand from leisure guests
      during the summer.

December RevPAR (down 5.3% like-for-like versus like-for-like declines of 9.3% in November and 19.7% in December) nevertheless showed the first signs that occupancy rates are beginning to level off, with a decline of just 1.0-point compared with declines of 4.7 points and 8.1 points in the prior two months.

    - Compared with the rest of the year, Upscale and Midscale Hotel
      performance improved considerably in Germany (like-for-like revenue
      down 6.0% versus declines of 14.0% in the third quarter and 11.6% in
      the first half) and in the United Kingdom (up 2.1% in the fourth
      quarter versus declines of 8.6% in the third quarter and 10.2% in the
      first half).

In Germany, like-for-like RevPAR turned sharply upward month after month in the final quarter, from a decline of 12.1% in October to a decline of 1.9% in December, with a swing to growth in the occupancy rate in December (up 0.6 points).

    - In the United Kingdom, RevPAR rose a strong 9.3% in December
      (versus declines of 0.2% in November and 4.2% in October), while the
      occupancy rate increased 3.8 points during the month (versus a decline
      of 0.2 points in November and a gain of 2.3 points in October).

These figures demonstrate the firm resistance of operations in the leading European countries in this segment, particularly in comparison with operations in North America.

Economy Hotels

In the Economy Hotels segment, 2009 revenue was down 5.7% as reported and 6.1% like-for-like, reflecting the economy segment's solid resilience in Europe.

Fourth quarter revenue, which was down 4.0% like-for-like, offers an even more compelling demonstration of the segment's resistance, as the like-for-like decline slowed to 3.3% in France, 4.4% in Germany and 2.4% in the United Kingdom.

Like the Upscale and Midscale segment, Economy Hotels began seeing the first signs of stabilization in occupancy rates in December. Year-on-year, these rates were down just 2.0 points in France, 1.0 points in Germany and 0.5 points in the UK in December, compared with declines of 5.3 points, 3.6 points and 3.1 points respectively in November and 7.2 points, 5.9 points and 2.5 points respectively in October.

Economy Hotels in the United States

Motel 6's revenue for 2009 fell by 10.9% year-on-year on a reported basis and by 13.8% like-for-like.

During the year, the chain opened a record 67 new hotels under franchise agreements, driving a 21.1% increase in franchise revenue at constant exchange rates over the period.

Fourth-quarter revenue was down 14.4% like-for-like, reflecting the lack of any signs of improvement in the hospitality business environment in the United States, contrary to Europe.

In this challenging environment, Motel 6 continued to gain market share from the competition.

Conclusion and 2009 earnings guidance

In 2009, the Prepaid Services business reported a slight 1.4% like-for-like increase in revenue, in line with the target set last August.

In the fourth quarter alone, operating revenue was up 0.2% like-for-like, while interest income, hard hit by the steep drop in interest rates, was down 31.1% like-for-like.

In the Hotels business, the fourth quarter saw an improvement in business compared with previous quarters, with the occupancy rate showing the first signs of stabilizing in December.

Revenue for the quarter has demonstrated the firmer resistance both of the Hotels business in Europe compared with the United States and of the Economy segment compared with the Upscale and Midscale segment.

Accor confirms its target for 2009 operating profit before tax and non-recurring items of between EUR400 million and EUR450 million, as indicated last August, despite the negative EUR40 million impact from the 50% devaluation in the Venezuelan bolivar announced on January 8, 2010.

Upcoming events

- February 24, 2010: publication of 2009 annual results

*****

Accor, a major global group and the European leader in hotels, as well as the global leader in services to corporate clients and public institutions, operates in nearly 100 countries with 150,000 employees. It offers to its clients over 40years of expertise in two core businesses:

    - Hotels, with the Sofitel, Pullman, MGallery, Novotel,
      Mercure, Suitehotel, Adagio, ibis, all seasons, Etap Hotel, Formule 1,
      hotelF1 and Motel 6 brands, representing 4,000 hotels and nearly
      500,000 rooms in 90 countries, as well as strategically related
      activities, Accor Thalassa, Lenotre, CWL.

    - Services, with 32 million people in 40 countries benefiting from Accor
      Services products in employee and constituent benefits, rewards
      and incentives, and expense management.



                                   Revenue


    in EUR thousand
                               Quarter 1                Quarter 2
                          2008          2009        2008        2009
    HOTELS
          Up & Midscale     756,767    687,180     914,442     784,760
          Economy           388,094    358,017     456,406     422,484
          Economy US        137,254    137,235   1  49,573     143,833
    Total HOTELS          1,282,115  1,182,432   1,520,421   1,351,077

    PREPAID SERVICES        226,637    231,163     232,368     233,620

    Other businesses
          Casinos            86,253    82,994       83,470      80,513
          Restaurants       100,937    22,161       32,605      27,940
          On-board train
          services           69,461    66,802       78,795      57,122
          Holdings & Other   21,919    30,816       22,887      43,505
    Total OTHER BUSINESSES  278,569   202,773      217,756     209,081

    TOTAL                 1,787,321 1,616,368    1,970,546   1,793,778

    Continued...

    in EUR thousand                 Quarter 3              Quarter 4

                                  2008      2009        2008      2009
    HOTELS
                Up & Midscale   882,421   776,235      872,887   778,220
                Economy         465,029   435,017      413,647   410,077
                Economy US      166,729   146,012      145,988   107,284
    Total HOTELS              1,514,179 1,357,264    1,432,522 1,295,581

    PREPAID SERVICES            233,571   222,038      285,445   256,304

    Other businesses
        Casinos                  87,513   137,576       88,728   139,503
        Restaurants              24,792    19,677       28,800    28,298
        On-board train services  82,804    65,168       75,289    59,248
        Holdings & Other         74,383    46,537       36,132    27,209
    Total OTHER BUSINESSES      269,492   268,958      228,949   254,258

    TOTAL                     2,017,242 1,848,260    1,946,916 1,806,143

    Continued...

    in EUR thousand                     FY 2009
                                  2008           2009
    HOTELS
          Up & Midscale        3,426,517       3,026,395
          Economy              1,723,176       1,625,595
          Economy US             599,544         534,364
    Total HOTELS               5,749,237       5,186,354

    PREPAID SERVICES             978,021         943,125

    Other businesses
        Casinos                  345,964         440,586
        Restaurants              187,133          98,076
        On-board train services  306,348         248,340
        Holdings & Other         155,321         148,068
        Total OTHER BUSINESSES   994,766         935,070

    TOTAL                       7,722,025       7,064,549



                               Quarter 1             Quarter 2
    in EUR thousand         Change      Change    Change   Change
                           reported     L/L (1)  reported  L/L (1)
    HOTELS
          Up & Midscale      -9.2%     -9.2%      -14.2%    -16.6%
          Economy            -7.7%     -6.8%       -7.4%     -7.7%
          Economy US          0.0%    -11.5%       -3.8%    -14.1%
    Total HOTELS             -7.8%     -8.7%      -11.1%    -13.7%

    PREPAID SERVICES          2.0%      8.3%        0.5%      3.2%

    Other businesses
          Casinos            -3.8%     -6.3%       -3.5%     -5.4%
          Restaurants       -78.0%     -7.3%      -14.3%     -8.0%
          On-board train
          services           -3.8%      4.7%      -27.5%      2.9%
          Holdings & Other   40.6%     -4.7%       90.1%     24.5%
    Total OTHER             -27.2%     -3.8%       -4.0%      0.3%
    BUSINESSES

    TOTAL                    -9.6%     -5.8%       -9.0%    -10.1%

    Continued...

    in EUR thousand            Quarter 3                Quarter 4
                          Change      Change        Change     Change
                          reported   L/L (1)       reported    L/L (1)
    HOTELS
         Up & Midscale    -12.0%     -10.1%        -10.8%       -9.4%
         Economy           -6.5%      -5.8%         -0.9%       -4.0%
         Economy US       -12.4%     -15.0%        -26.5%      -14.4%
    Total HOTELS          -10.4%      -9.3%         -9.6%       -8.3%

    PREPAID SERVICES       -4.9%      -0.6%        -10.2%       -3.8%

    Other businesses
         Casinos           57.2%      -3.2%         57.2%       -4.1%
         Restaurants      -20.6%      -16.9%        -1.7%       -9.0%
         On-board train
         services         -21.3%        0.4%       -21.3%        3.7%
         Holdings & Other -37.4%      -27.8%       -24.7%      -14.3%
    Total OTHER BUSINESSES -0.2%      -10.2%        11.1%       -3.8%

    TOTAL                  -8.4%       -8.4%        -7.2%       -7.1%

    Continued...

                                           FY  2009
                            Change reported       Change L/L(1)
    HOTELS
      Up & Midscale            -11.7%                -11.5%
      Economy                   -5.7%                 -6.1%
      Economy US               -10.9%                -13.8%
    Total HOTELS                -9.8%                -10.1%
    PREPAID SERVICES            -3.6%                  1.4%

    Other businesses
       Casinos                  27.4%                 -4.8%
       Restaurants             -47.6%                 -9.0%
       On-board train services -18.9%                  2.8%
       Holdings & Other         -4.7%                -13.7%
    Total OTHER BUSINESSES      -6.0%                 -4.6%

    TOTAL                       -8.5%                 -7.9%



                           RevPAR by segment (FY 2009)


    HOTELS : RevPAR            Occupancy Rate       Average room rate
    by segment                  Subsidiaries          Subsidiaries
    FY 2009
                        (in %)  (chg in  (chg         (chg in %   (chg
                                  pts    in pts       reported)   in %
                               reported) L/L (1))                 L/L (1))

    Upscale and
    Midscale Europe
    (in EUR)             58.8    -6.0     -5.1      96   -8.4%     -5.9%
    Economy Europe
    (in EUR)             65.3    -6.3     -6.3      57   -0.6%     +0.7%
    Economy US (in $)    58.1    -6.3     -6.6      43   -4.6%     -5.2%

    (1) at comparable scope of consolidation and exchange rates.

    Continued...

    HOTELS : RevPAR                     RevPAR
    by segment
    FY 2009         Subsidiaries      Subsidiaries      Subsidiaries
                        (chg in %  (like-for-like(1))    & managed
                         reported)                       (reported)

    Upscale and       57   -16.9%       -13.3%            -16.9%
    Midscale Europe
    (in EUR)
    Economy Europe    37    -9.4%        -8.2%             -9.8%
    (in EUR)
    Economy US (in $) 25   -13.9%       -14.9%            -13.9%

    (1) at comparable scope of consolidation and exchange rates.


                           RevPAR by segment (Q4 2009)


    HOTELS : RevPAR      Occupancy Rate                Average room rate
    by segment Q4         Subsidiaries                   Subsidiaries

                     (in %) (chg in pts (chg in        (chg in %   (chg in
                             reported)  pts L/L         reported) % L/L (1))
                                        (1))

    Upscale and       58.3    -2.4     -2.5        96      -7.7%   -6.8%
    Midscale Europe
    (in EUR)
    Economy Europe    62.7    -4.5     -4.5        58      -0.5%   -0.1%
    (in EUR)
    Economy US (in $) 52.8    -5.7     -5.8        41      -5.5%   -6.1%

    Continued...

    HOTELS : RevPAR                       RevPAR
    by segment
    Q4                Subsidiaries     Subsidiaries      Subsidiaries
                         (chg in %  (like-for-like(1))    & managed
                          reported)                       (reported)

    Upscale and        56   -11.5%        -10.6%             -11.6%
    Midscale Europe
    (in EUR)
    Economy Europe (in 36    -7.1%         -6.7%              -7.8%
    EUR)
    Economy US (in $)  22   -14.7%        -15.5%             -14.7%

    (1) at comparable scope of consolidation and exchange rates.


                           RevPAR by country (FY 2009)


    UPSCALE AND MIDSCALE HOTELS
    RevPAR by country FY 2009
    (in local
    currency)            Occupancy  Rate              Average room rate
                           Subsidiaries                  Subsidiaries
                 Nb of        (chg in pts (chg in        (chg in %   (chg in
                 rooms  (in %) reported)   pts L/L       reported)    % L/L
                                            (1))                      (1))
    France      29,674   59.8   -6.4      -6.5      113    -2.5%      -2.9%
    Germany     19,644   59.4   -4.3      -4.4       90    -6.0%      -6.3%
    Netherlands  3,986   60.8   -4.6      -4.6       92   -14.9%     -14.9%
    Belgium      1,801   65.7   -5.4      -5.4      102    -6.1%      -6.1%
    Spain        2,359   52.5   -9.8      -8.8       81   -17.2%     -16.7%
    Italy        3,552   56.6   -2.0      -1.8      104   -10.6%      -9.5%
    UK ( in GBP) 5,466   75.2   -2.1      -2.2       84    -5.6%      -6.4%

    (1) at comparable scope of consolidation and exchange rates.

    Continued...

    UPSCALE AND MIDSCALE HOTELS             RevPAR
    RevPAR by country FY 2009
    (in local currency)

                  Subsidiaries       Subsidiaries      Subsidiaries
                      (chg in %    (like-for-like(1))    & managed
                       reported)                         (reported)

    France        68   -11.9%          -12.4%               -12.1%
    Germany       53   -12.3%          -12.8%               -12.2%
    Netherlands   56   -20.9%          -20.9%               -20.7%
    Belgium       67   -13.3%          -13.3%               -12.2%
    Spain         43   -30.1%          -28.5%               -24.5%
    Italy         59   -13.7%          -12.3%               -12.3%
    UK ( in GBP)  63    -8.2%           -9.0%                -8.8%

    (1) at comparable scope of consolidation and exchange rates.


    ECONOMY HOTELS
    RevPAR by country FY 2009
    (in local
    currency)                  Occupancy Rate            Average room rate
                                Subsidiaries               Subsidiaries

                 Nb of  (in %) (chg in    (chg in         (chg in   (chg in %
                 rooms            pts       pts               %      L/L (1))
                               reported)  L/L (1))        reported)
    France      41,873   67.1    -4.8       -5.4       54   +5.5%     +4.7%
    Germany     15,078   64.3    -5.5       -5.5       59   +0.4%     +0.0%
    Netherlands  2,334   65.2    -8.6       -8.3       79   -4.5%     -4.9%
    Belgium      2,548   70.2    -6.8       -6.8       67   -2.4%     -2.6%
    Spain        4,667   55.4   -14.8      -15.3       54   -4.3%     -5.3%
    Italy        1,550   56.0    -5.5       -5.5       69   -5.7%     -5.7%
    UK ( in GBP) 8,899   67.6    -6.7       -6.3       53   -4.7%     -2.4%
    USA (in $)  77,398   58.1    -6.3       -6.6       43   -4.6%     -5.2%

    Continued...

                                     RevPAR
    ECONOMY HOTELS
    RevPAR by country FY 2009
    (in local
    currency)
                Subsidiaries      Subsidiaries        Subsidiaries
                     (chg in %  (like-for-like(1))     & managed
                     reported)                         (reported)

    France      36      -1.6%         -3.1%              -1.8%
    Germany     38      -7.4%         -7.9%              -6.9%
    Netherlands 51     -15.7%        -15.6%             -15.7%
    Belgium     47     -11.0%        -11.2%             -11.0%
    Spain       30     -24.5%        -25.9%             -24.5%
    Italy       39     -14.2%        -14.2%             -14.2%
    UK (in GBP) 36     -13.3%        -10.7%             -12.9%
    USA (in $)  25     -13.9%        -14.9%             -13.9%



                            RevPAR By country (Q4 2009)


    UPSCALE AND MIDSCALE HOTELS
    RevPAR by country Q4
    (in local           Occupancy Rate                  Average room rate
    currency)            Subsidiaries                      Subsidiaries

                                (chg in   (chg in        (chg in    (chg in
                Nb of   (in %)     pts      pts              %         %
                rooms           reported) L/L (1))       reported)  L/L (1))

    France      29,274   58.0     -4.3     -4.6     114     -4.9%     -5.5%
    Germany     19,612   62.0     -1.9     -1.7      90     -4.6%     -4.8%
    Netherlands  4,012   60.3     -0.1     -0.1      89    -17.3%    -17.3%
    Belgium      1,801   70.2     -1.5     -1.5     102     -5.9%     -5.9%
    Spain        2,385   52.5     -1.8     -1.2      81    -12.2%    -11.2%
    Italy        3,459   56.1     -1.1     -1.1      99     -9.4%     -9.4%
    UK (in GBP   5,568   75.2     +1.2     +2.0      87     -2.1%     -1.8%

    (1) at comparable scope of consolidation and exchange rates.

    Continued...

    UPSCALE AND MIDSCALE HOTELS
    RevPAR by country Q4
                                           RevPAR

               Subsidiaries              Subsidiaries     Subsidiaries
    (in local              (chg in %  (like-for-like(1))   & managed
    currency)               reported)                      (reported)

    France        66        -11.5%         -12.5%            -11.0%
    Germany       56         -7.4%          -7.3%             -7.3%
    Netherlands   54        -17.4%         -17.4%            -16.4%
    Belgium       72         -7.8%          -7.8%             -8.3%
    Spain         43        -15.0%         -13.3%            -10.0%
    Italy         56        -11.1%         -11.1%            -12.7%
    UK (in GBP)   66         -0.4%          +0.9%             -2.4%

    (1) at comparable scope of consolidation and exchange rates.


    ECONOMY HOTELS
    RevPAR by country Q4
    (in local               Occupancy Rate              Average room rate
    currency)                Subsidiaries                  Subsidiaries

                 Nb of       (chg in pts (chg in pts    (chg in %  (chg in %
                 rooms (in %)  reported)   L/L (1))      reported)  L/L (1))

    France      41,709  63.5     -4.5       -4.8     55   +3.3%     +2.9%
    Germany     15,189  63.6     -3.6       -3.5     59   +0.7%     -0.1%
    Netherlands  2,410  61.0     -5.9       -5.9     76   -6.5%     -6.5%
    Belgium      2,507  73.1     -2.8       -2.6     69   -1.8%     -2.8%
    Spain        4,679  50.3    -10.2      -10.6     53   -4.5%     -6.1%
    Italy        1,550  52.2     -4.9       -4.9     68   -2.8%     -2.8%
    UK (in GBP)  8,984  67.1     -1.6       -2.0     55   -0.8%     -1.2%
    USA (in $)  76,808  52.8     -5.7       -5.8     41   -5.5%     -6.1%

    (1) at comparable scope of consolidation and exchange rates.

    Continued...

    ECONOMY HOTELS                      RevPAR
    RevPAR by country Q4
    (in local      Subsidiaries     Subsidiaries      Subsidiaries
    currency)        (chg in %   (like-for-like(1))    & managed
                     reported)                         (reported)
    France       35   -3.5%            -4.4%              -3.7%
    Germany      38   -4.8%            -5.3%              -5.3%
    Netherlands  46  -14.7%           -14.7%             -14.7%
    Belgium      50   -5.5%            -6.1%              -5.5%
    Spain        27  -20.6%           -22.5%             -20.6%
    Italy        36  -11.1%           -11.1%             -11.1%
    UK (in GBP)  37   -3.1%            -4.1%              -3.0%
    USA (in $)   22  -14.7%           -15.5%             -14.7%

    (1) at comparable scope of consolidation and exchange rates.

SOURCE Accor