Accor — Earnings Release 2011

Jan 17, 2012

Press Release Paris – January 17, 2012

Sustained revenue growth in 2011

***

Record expansion of the hotel network with nearly 39,000 rooms opened during the year

• 2011 revenue up +5.2% like-for-like, including +3.6% growth in the fourth quarter
• Very good fourth-quarter performance led by improved average room rate in the Economy segment in Europe and the United States
• With 38,700 new rooms opened during the year, Accor set a new record for room openings and far exceeded its expansion target for 2011
• After recording strong business levels in the fourth quarter, Accor confirms its full-year EBIT target of €510-530 million.

Revenue for the year broke down as follows:

			Quarter 4				Decembre end (YTD)
In € millions	2010 (1)	2011	Change reported	Change like-for like (2)	2010 (1)	2011	Change reported	Change like-for like (2)
Upscale & midscale	882	883	+0.2%	+3.1%	3,374	3,488	+3.4%	+5.0%
Economy	455	469	+3.0%	+4.8%	1,806	1,896	+5.0%	+6.3%
Economy US	123	125	+1.5%	+4.5%	555	532	-4.2%	+4.3%
HOTELS	1,460	1,477	+1.2%	+3.7%	5,735	5,915	+3.1%	+5.4%
Other businesses	59	26	-55.5%(3)	+0.1%	213	184	-13.3%	+2.2%
Total Group	1,519	1,503	-1.1%	+3.6%	5,948	6,100	+2.5%	+5.2%

(1) After reclassifying €31 million in Asia-Pacific region Allegiance Marketing revenue from "Other businesses" to "Upscale & Midscale"

(2) at constant scope of consolidation and exchange rate

(3) Disposal of Lenôtre

2011 revenue up +5.2% like-for-like

Revenue for the year ended December 31, 2011 amounted to €6,100 million, up +2.5% on a reported basis, shaped by the following factors:

• Record expansion, well above the Group's objectives, added €108 million (+1.8%) to reported revenue, with the opening of 38,700 new rooms (318 hotels)
• Changes in the scope of consolidation linked to the asset-management strategy reduced revenue by €255 million (-4.3%)
• The currency effect was a negative €12.6 million (-0.2%), with the appreciation of the Australian dollar offsetting the fall in the US dollar

Like-for-like revenue growth for the year came to +5.2%, lifted by improved occupancy rates and average room rates across all segments.

Fourth-quarter revenue up +3.6% like-for-like

Revenue for the fourth quarter of 2011 came to €1,503 million, down a reported +1.1% over the year-earlier period reflecting:

• An ongoing improvement in RevPAR led by higher average room rates
• Expansion, which increased revenue by €28 million, adding +1.8% to reported growth
• The negative impact of the asset-management strategy, which reduced revenue by €93 million and reported growth by -6.1%
• The currency effect, which trimmed €5 million from revenue and reduced reported growth by -0.4%

Excluding these effects, revenue for the fourth quarter of the year was up +3.6% like-for-like.

Upscale & midscale Hotels: revenue up +5.0% like-for-like over the year and +3.1% in the fourth quarter

Revenue for the year in the Upscale & midscale segment rose +3.4% as reported and +5.0% like-for-like. In the fourth quarter, revenue increased by +3.1% like-for-like, led by improved average room rates and despite an unfavorable comparison basis in December in Europe.

The trends observed since the start of 2011 continued in the fourth quarter, with solid performances in the main markets, sustained business volumes in emerging markets and persistently difficult conditions in Southern Europe.

Economy Hotels excluding the United States: revenue up +6.3% like-for-like over the year and +4.8% in the fourth quarter

Revenue for the year from Economy hotels excluding the United States rose +5.0% as reported and +6.3% like-for-like. Business levels remained strong in the fourth quarter and revenue grew +4.8% like-for-like. The Group continued to record its highest occupancy rates in this segment, at an average 68% for the quarter. This helped to lift RevPAR, boosted by higher average room rates.

Geographic focus – 4th quarter

The fourth quarter saw an excellent performance in France, Europe's fastest growing market, with like-for-like increases of +3.3% in the Upscale & midscale segment and +3.9% in the Economy segment. RevPAR growth was led by average room rates in both segments, despite high comparatives due to the severe weather in December 2010 that had driven up demand at hotels located close to airports. The unfavorable calendar effect represented by the Paris Auto Show, which takes place every two years in October, was offset by the Paris Batimat trade fair, held in November 2011.

In Germany, revenue for the fourth quarter was up +1.7% like-for-like in the Upscale & midscale segment and +1.5% like-for-like in the Economy segment. Performances remained very robust in an environment shaped by record-high demand (69% occupancy rate) and rising average room rates.

In the United Kingdom, fourth quarter like-for-like revenue growth stood at +1.5% in the Upscale & midscale segment and +3.4% in the Economy segment. The London market remained the principal growth driver, with the capital's hotels in all segments reporting record occupancy rates averaging 87% for the quarter and significantly raised room rates. Occupancy rates outside the capital sharply improved, particularly in the Economy segment thanks to marketing actions towards short-break leisure travelers.

Business levels remained very strong in emerging markets, leading to high growth rates in all segments. In the Asia-Pacific region, revenue grew +8.0% in the Upscale & midscale segment and +6.6% in the Economy segment. In Latin America, revenue was up +14.6% in Upscale & midscale hotels and +19.3% in Economy hotels.

Economy Hotels in the United States: revenue up +4.3% like-for-like over the year and +4.5% in the fourth quarter

On a like-for-like basis, revenue was up +4.3% for the year including a strong +4.5% performance in the fourth quarter. The improvement in prices observed in the third quarter accelerated in the final months of the year, with average room rates up +3.4% in the fourth quarter. Due primarily to an unfavorable currency effect, reported revenue for the year in the US economy hotels contracted by -4.2%.

At the same time, Motel 6 pursued its shift to a franchising model. With 55 new hotels (4,100 rooms) opened under franchise contracts in 2011, the franchise portfolio expanded by +10% over the year to 488 hotels (37,500 rooms), representing 35% of the room supply. Franchising fees rose +23% at constant exchange rates over the year.

Record expansion in 2011

In line with its ambitious expansion strategy, Accor opened 38,700 rooms in 2011, 95% of them under asset-light modes (franchise contracts, management contracts and variable leases). In particular, the year saw very strong franchise-based expansion, illustrated notably by a franchise deal for 24 hotels (2,700 rooms) in the United Kingdom that were converted to the Mercure brand. At year-end 2011, Accor's network reached 531,700 rooms.

In all, Accor significantly exceeded its expansion target in 2011. France accounted for 23% of total growth, the rest of Europe for 24% and the Asia-Pacific region for 33%.

Conclusion and 2011 EBIT target

In 2011, Accor enjoyed sustained revenue growth, reflecting improved occupancy rates and higher average room rates. The robust, price-driven performance in the fourth quarter continued the uptrend observed over the previous quarters. The situation in Southern Europe continued to deteriorate. Demand remained strong in the main European markets, in emerging markets and in the United States.

In view of the favorable business dynamic in the fourth quarter, in line with the Group's expectations, Accor confirms its full-year EBIT target of €510-530 million.

*****

Upcoming events

• February 22, 2012: publication of 2011 results

Accor, the world's leading hotel operator and market leader in Europe, is present in 90 countries with more than 4,400 hotels and 530,000 rooms. Accor's broad portfolio of hotel brands - Sofitel, Pullman, MGallery, Novotel, Suite Novotel, Mercure, Adagio, ibis, all seasons/ibis styles, Etap Hotel/Formule 1/ibis budget, hotelF1 and Motel 6 provide an extensive offer from luxury to budget. With 145,000 employees worldwide, the Group offers to its clients and partners nearly 45 years of know-how and expertise.

Agnès Caradec Senior Vice President Communications & External Relations Phone : +33 1 45 38 87 52

Elodie Woillez Phone: +33 1 45 38 87 08

MEDIA RELATIONS INVESTOR RELATIONS CONTACTS

Sébastien Valentin Senior Vice President Financial Communications & Investor Relations Phone: +33 1 45 38 86 25

Olivia Hublot Investor Relations Phone:+33 1 45 38 87 06

	Qu ar	1 te r	Qu ar	2 te r	Qu ar	3 te r	Qu ar	4 te r	De mb ce er	d ( YT D ) en
in € m ill ion s	( 1) 2 0 1 0	2 0 1 1	( 1) 2 0 1 0	2 0 1 1	( 1) 2 0 1 0	2 0 1 1	( 1) 2 0 1 0	2 0 1 1	( 1) 2 0 1 0	2 0 1 1
Up le & i ds le sc a m ca	7 2 6	7 7 0	8 8 9	9 2 8	8 7 8	9 0 7	8 8 2	8 8 3	3, 3 7 4	3, 4 8 8
Ec on om y	3 8 5	4 1 2	4 6 7	0 0 5	4 9 0	1 6 5	4 5 5	4 6 9	1, 8 0 6	1, 8 9 6
Ec U S on om y	1 1 8	1 2 1	1 4 9	1 3 3	1 6 5	1 5 3	1 2 3	1 2 5	5 5 5	5 3 2
H O T E L S	1, 2 2 9	1, 3 0 2	1, 5 1 4	1, 5 6 0	1, 5 3 3	1, 5 6 7	1, 4 6 0	1, 4 7 7	5, 3 5 7	5, 9 1 5
ô Le tre n	2 4	2 5	2 9	3 1	2 1	2 1	3 2		1 0 5	7 7
Ho l d ing d O he t a n r	2 7	2 6	2 7	2 8	2 7	2 7	2 7	2 6	1 0 7	1 0 7
O he bu in t r s es se s	5 1	5 2	5 5	5 9	4 8	4 8	5 9	2 6	2 1 3	1 8 4
To l Gr ta ou p	1, 2 7 9	5 1, 3 4	5 1, 6 9	1, 6 1 9	5 1, 8 0	1, 6 2 3	5 1, 1 9	5 1, 0 3	5, 9 4 8	6, 1 0 0

	Qu	te 1 ar r	Qu	te 2 ar r	Qu ar	te 3 r	Qu ar	te 4 r	De mb ce er	d ( YT D ) en
	C ha ng e	C ha L ( L / ng e	C ha ng e	C ha L ( L / ng e	C ha ng e	C ha L ( L / ng e	C ha ng e	C ha L ( L / ng e	C ha ng e	C ha L ( L / ng e
In %	d te re p or	2)	d te re p or	2)	d te re p or	2)	d te re p or	2)	d te re p or	2)
Up le & i ds le sc a m ca	6. 0 % +	5. 7 % +	4. 5 % +	6. 2 % +	3. 3 % +	5. 3 % +	0. 2 % +	3. 0 % +	3. 4 % +	5. 0 % +
Ec on om y	7. 0 % +	5. 9 % +	4. 9 % +	6. 7 % +	5. 3 % +	7. 5 % +	3. 0 % +	4. 8 % +	5. 0 % +	6. 3 % +
S Ec U on om y	2. 2 % +	4. 1 % +	1 0. 7 % -	3. 4 % +	7. 1 % -	5. 1 % +	1. 5 % +	4. 5 % +	4. 2 % -	4. 3 % +
S H O T E L	6. 0 % +	5. 6 % +	3. 1 % +	6. 1 % +	2. 8 % +	6. 0 % +	1. 1 % +	3. 7 % +	3. 1 % +	5. 4 % +
Le ô tre n	6. 3 % +	2 % 7. +	9. 2 % +	9. 9 % +	0. 6 % +	0. % 5 +	9 8. 6 % -	0. 6 % -	2 6. 0 % -	4. 3 % +
Ho l d ing d O he t a n r	1. 6 % -	2. 5 % -	3. 3 % +	2. 4 % -	0. 5 % -	0. 4 % -	4. 4 % -	1. 0 % +	0. 8 % -	0. 1 % +
O he bu in t r s es se s	2. 1 % +	2. 0 % +	6. 3 % +	6. 3 % +	0. 0 % -	0. 0 % +	5 5. 5 % -	0. 1 % +	1 3. 3 % -	2. 2 % +
To l Gr ta ou p	5. 8 % +	5. 5 % +	3. 2 % +	6. 1 % +	2. 7 % +	5. 8 % +	1. 1 % -	3. 6 % +	2. 5 % +	5. 2 % +

(1) after reclassifying €31 million in Asia-Pacific region Allegiance Marketing revenue from "Other businesses" to "Upscale & Midscale"

(2) at constant scope of consolidation and exchange rate

RevPAR excluding tax by segment (total at December 31)

LS HO TE : R PA R b nt ev y s eg me		Oc Ra cu pa nc y	te Av te era ge ro om ra					Re	vP AR
YT D Q 4		Su bsi dia rie s			Su bsi dia rie s		Su bsi	dia rie s	Su bsi dia rie s	Su bsi dia rie s & ed ma
	( ) in %	(c ts rep hg in p ) ort ed	(c L/L hg in p ts ( 1) )		(c hg in % rep ) ort ed	(c L/ hg L ( in % 1) )		(c hg in % rep ) ort ed	( ke( 1) ) like -fo r-li	nag (re d) rte po
Up ale d M ids le E ( in € ) sc an ca uro pe	6 5. 4 %	1. 9 +	1. 8 +	9 4	3. 9 % +	2. 9 % +	6 2	7. 0 % +	5. 7 % +	6. 2 % +
Ec Eu e ( in € ) on om y rop	7 1. 0 %	2. 5 +	2. 1 +	5 4	1. 8 % +	1. 2 % +	3 9	5. 5 % +	4. 3 % +	5. 7 % +
Ec US ( in \$ ) on om y	6 2. 7 %	1. 7 +	1. 2 +	4 3	2. 4 % +	1. 8 % +	2 7	5. 2 % +	3. 9 % +	5. 2 % +

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

RevPAR excluding tax by segment (4th quarter)

LS HO TE : R PA R b nt ev y s eg me		Oc Ra te cu pa nc y		Av	era ge ro om ra	te		Re vP	AR
Q4		Su bsi dia rie s			Su bsi dia rie s		Su bsi	dia rie s	Su bsi dia rie s	Su bsi dia rie s & ma ed nag
	( in % )	(c ts rep hg in p ed ) ort	L/L (c hg in p ts ( 1) )		(c hg in % rep ed ) ort	L/ (c hg L ( in % 1) )		(c hg in % rep ed ) ort	( like -fo r-li ke( 1) )	(re rte d) po
Up ale d M ids le E ( in € ) sc an ca uro pe	6 2. 9 %	0. 2 +	0. 2 +	9 6	2. 7 % +	2. 2 % +	6 0	3. 0 % +	2. 5 % +	1. 2 % +
Ec Eu e ( in € ) on om y rop	6 7. 9 %	0. 6 +	0. 3 +	5 5	1. 8 % +	1. 6 % +	3 8	2. 7 % +	2. 0 % +	3. 1 % +
US ( in \$ ) Ec on om y	5 8. 5 %	1. 0 +	0. 6 +	4 2	4. 0 % +	3. 5 % +	2 5	5. 9 % +	4. 5 % +	5. 9 % +

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

RevPAR excluding tax by country (total at December 31)

UPS CA LE AN D M IDS CA LE HO TEL S	of Nb	Oc	Av	era ge ro om ra	te		Re	vP AR
Re vPA R b YTD Q4 try y c oun	roo ms		Su bsi dia rie s			Su bsi dia rie s		Su bsi	dia rie s	Su bsi dia rie s	Su bsi dia rie s & ed ma nag
( in l l cu ) oca rre ncy		( in % )	(c hg in p ts rep ) ort ed	(c hg in p L/L ts ( 1) )		(c hg in % rep ) ort ed	(c hg L ( in % L/ 1) )		(c hg in % rep ) ort ed	( like -fo r-li ke( 1) )	(re d) rte po
Fra nc e	2 7, 4 9 0	6 6. 8 %	2. 3 +	1. 8 +	1 1 7	5. 8 % +	5 4. % +	7 8	9. 6 % +	5 7. % +	5. 6 % +
Ge rm an y	1 8, 3 1 2	6 7. 0 %	2. 0 +	2. 0 +	8 4	1. 9 % +	0. 0 % +	5 7	5. 1 % +	3. 1 % +	5. 3 % +
Ne the rla nd s	3, 5 2 8	6 9. 5 %	2. 3 +	2. 3 +	8 9	3. 3 % +	3. 3 % +	6 2	6. 9 % +	6. 9 % +	1 1. 2 % +
Be lg ium	1, 6 7 7	7 0. 7 %	2. 4 -	3. 1 -	1 0 1	5. 2 % +	6. 4 % +	7 1	1. 8 % +	2. 0 % +	2. 7 % +
Sp ain	2, 7 3 9	5 8. 1 %	0. 2 +	0. 3 +	7 4	1. 6 % +	1. 3 % +	4 3	2. 0 % +	1. 7 % +	2. 6 % +
Ita ly	3, 8 8 4	6 1. 6 %	0. 7 +	1. 9 +	9 0	0. 0 % +	0. 4 % -	5 6	1. 1 % +	2. 7 % +	1. 1 % +
UK ( in £ )	5, 5 4 1	7 9. 8 %	2. 4 +	2. 1 +	8 1	3. 4 % +	3. 0 % +	6 5	6. 6 % +	5. 7 % +	5. 9 % +

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

ECO S NO MY HO TEL	Nb of	Oc Ra te cu pa nc y			Av	era ge ro om ra	te	Re vP AR
Re vPA R b try YTD Q4 y c oun	roo ms		Su bsi dia rie s			Su bsi dia rie s		Su bsi	dia rie s	Su bsi dia rie s	Su bsi dia rie s & ed ma nag
( in l l cu ) oca rre ncy		( in % )	(c hg in p ts rep ed ) ort	(c hg in p L/L ts ( 1) )		(c hg in % rep ed ) ort	(c hg L ( in % L/ 1) )		(c hg in % rep ed ) ort	( like -fo r-li ke( 1) )	(re d) rte po
Fra nc e	3 7, 3 6 4	7 2. 1 %	2. 2 +	1. 6 +	5 3	3. 1 % +	1. 9 % +	3 8	6. 4 % +	4. 3 % +	6. 4 % +
Ge rm an y	1 5, 3 9 1	1. 2 % 7	2. 8 +	2. 6 +	5 5	0. 6 % +	0. 0 % -	3 9	4. % 7 +	3. 8 % +	4. 6 % +
Ne the rla nd s	2, 2 8 9	3. 9 % 7	0. 7 +	0. 5 +	4 7	6. 3 % +	6. 3 % +	5 4	3 % 7. +	1 % 7. +	3 % 7. +
Be lg ium	2, 7 4 4	7 3. 8 %	1. 2 +	5 1. +	5 6	0. 4 % +	2. 3 % +	4 8	2. 0 % +	4. 4 % +	0. 4 % +
Sp ain	4, 8 3 8	5 7. 3 %	2. 7 +	2. 8 +	4 9	1. 9 % -	2. 1 % -	2 8	2. 9 % +	2. 9 % +	2. 9 % +
Ita ly	1, 7 4 0	6 9. 4 %	4. 4 +	5. 7 +	5 8	2. 3 % -	2. 2 % -	4 0	4. 3 % +	6. 4 % +	4. 3 % +
UK ( in £ )	9, 1 2 1	7 7. 4 %	5. 1 +	5. 2 +	4 6	0. 5 % -	0. 4 % -	3 6	6. 4 % +	6. 8 % +	6. 3 % +
in \$ US A ( )	6 8, 6 5 8	6 2. 7 %	1. 7 +	1. 2 +	4 3	2. 4 % +	1. 8 % +	2 7	5. 2 % +	3. 9 % +	5. 2 % +

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

RevPAR excluding tax by country (4th quarter)

UPS CA LE AN D M IDS CA LE HO TEL S	Nb of		Oc Ra te cu pa nc y		Av	era ge ro om ra	te		Re	vP AR
Re vPA R b Q4 try y c oun	roo ms		Su bsi dia rie s			Su bsi dia rie s		Su bsi	dia rie s	Su bsi dia rie s	Su bsi dia rie s & ed ma nag
( in l l cu ) oca rre ncy		( ) in %	(c ts rep hg in p ) ort ed	(c L/L hg in p ts ( 1) )		(c hg in % rep ) ort ed	(c L/ hg L ( in % 1) )		(c hg in % rep ) ort ed	( ke( 1) ) like -fo r-li	(re d) rte po
Fra nc e	2 7, 4 9 0	6 3. 1 %	0. 3 +	0. 1 +	1 1 9	3. 8 % +	3. 4 % +	7 5	4. 3 % +	3. 6 % +	2. 5 % -
Ge rm an y	1 8, 3 1 2	6 8. 1 %	1. 1 +	1. 1 +	8 6	2. 2 % +	0. 2 % -	5 9	3. 9 % +	1. 5 % +	3. 6 % +
Ne the rla nd s	3, 5 2 8	6 6. 7 %	2. 0 -	2. 0 -	8 9	2. 3 % +	2. 3 % +	6 0	0. 6 % -	0. 6 % -	1. 7 % +
Be lg ium	1, 6 7 7	7 0. 7 %	3. 7 -	4. 2 -	1 0 5	2. 6 % +	3. 7 % +	7 4	2. 5 % -	2. 1 % -	1. 2 % -
Sp ain	2, 7 3 9	5 2. 4 %	3. 7 -	3. 7 -	7 3	1. 4 % +	1. 5 % +	3 8	5. 2 % -	5. 3 % -	5. 9 % -
Ita ly	3, 8 8 4	5 7. 3 %	1. 9 -	1. 4 -	8 6	0. 4 % +	0. 2 % -	5 0	2. 9 % -	2. 5 % -	2. 2 % -
UK ( in £ )	5, 5 4 1	8. 6 % 7	1. 5 +	1. 5 +	8 3	0. 2 % +	0. 2 % +	6 5	2. 2 % +	2. 2 % +	1. 4 % +

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

ECO NO MY HO TEL S	Nb of	Oc Ra te cu pa nc y			Av te era ge ro om ra				Re	vP AR
Re vPA R b Q4 try y c oun	roo ms		Su bsi dia rie s			Su bsi dia rie s		Su bsi	dia rie s	Su bsi dia rie s	Su bsi dia rie s & ed ma nag
( ) in l l cu oca rre ncy		( in % )	(c hg in p ts rep ed ) ort	(c hg in p L/L ts ( 1) )		(c hg in % rep ed ) ort	(c hg L ( in % L/ 1) )		(c hg in % rep ed ) ort	( like -fo r-li ke( 1) )	(re d) rte po
Fra nc e	3 7, 3 6 4	6 8. 4 %	0. 5 +	0. 3 -	5 5	3. 9 % +	2. 8 % +	3 7	4. 7 % +	2. 5 % +	4. 9 % +
Ge rm an y	1 5, 3 9 1	7 0. 4 %	0. 8 +	0. 9 +	5 5	0. 4 % +	0. 8 % +	3 9	1. 5 % +	2. 1 % +	1. 5 % +
Ne the rla nd s	2, 2 8 9	6 8. 3 %	4. 1 -	4. 7 -	7 3	6. 4 % +	6. 1 % +	5 0	0. 4 % +	0. 8 % -	0. 4 % +
Be lg ium	2, 7 4 4	7 4. 8 %	2. 2 +	1. 2 +	6 7	0. 2 % -	1. 0 % +	5 0	2. 8 % +	2. 8 % +	0. 6 % +
Sp ain	4, 8 3 8	5 1. 1 %	0. 7 +	0. 0 -	4 8	2. 5 % -	2. % 7 -	2 4	1. 1 % -	2. 9 % -	1. 1 % -
Ita ly	1, 4 0 7	5 9. 6 %	5. 3 -	1. 2 -	5 8	2. 8 % +	3. 5 % +	3 4	5. 6 % -	1. 6 % +	5. 6 % -
( ) UK in £	9, 1 2 1	6. 4 % 7	3. 9 +	4. 0 +	4 7	2. 1 % -	1. 9 % -	3 6	3. 2 % +	3. 5 % +	3. % 7 +
US A ( in \$ )	5 6 8, 6 8	5 5 8. %	1. 0 +	0. 6 +	4 2	4. 0 % +	5 3. % +	5 2	5. 9 % +	5 4. % +	5. 9 % +

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

2010 Year-to-Date RevPAR excl tax ¹

HO TE LS : Re vPA R b ent y s egm Su bsi dia ries	Occ rat upa ncy e				Ave e R rag	Ra te oom		Re vPA R
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Up le a nd Mid le E ( in € ) sca sca uro pe	54 .1%	67 .0%	69 .9%	62 .5%	90	92	89	93	48	61	62	58
Eco Eur ( in € ) nom ope y	59 .3%	72 .6%	74 .8%	67 .3%	53	54	53	54	31	39	39	37
Eco US ( in \$ ) nom y	56 .6%	63 .2%	67 .0%	57 .5%	40	42	44	40	23	26	29	23

UPS CAL E AN D M IDS CAL E HO TEL S	Nu mb f er o	Occ rat upa ncy e			Ave e R Ra te rag oom				Rev PA R
(in l l cu ) oca rren cy	roo ms	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Fra nce	29 59 7 ,	54 .9%	69 .6%	70 .9%	62 .8%	10 8	11 0	10 8	11 5	59	77	77	72
Ge rma ny	19 40 9 ,	58 .5%	65 .5%	68 .4%	67 .0%	82	82	82	85	48	54	56	57
Net her lan ds	3, 47 5	54 .9%	70 .8%	73 .9%	68 .7%	88	89	81	87	48	63	60	60
Bel ium g	1, 80 2	62 .6%	.5% 77	.8% 77	74 .4%	10 0	97	86	10 2	62	75	67	76
Spa in	2, 38 5	46 .4%	61 .7%	65 .9%	56 .0%	75	76	69	72	35	47	46	40
Ital y	3, 71 5	49 .4%	66 .7%	67 .3%	59 .2%	83	93	96	86	41	62	65	51
UK ( in £ )	5, 64 1	71 .3%	79 .0%	82 .4%	77 .0%	77	78	76	83	55	62	63	64

ECO NOM Y H OTE LS	Nu mb f er o	Occ rat upa ncy e				Ave e R Ra te rag oom					Re	vPA R
(in l l cu ) oca rren cy	roo ms	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Fra nce	53 41 8 ,	61 .6%	75 .0%	74 .7%	67 .9%	52	52	50	53	32	39	37	36
Ge rma ny	15 27 4 ,	59 .6%	.5% 69	75 .0%	69 .6%	54	54	55	55	32	38	41	38
Net her lan ds	2, 41 0	57 .7%	80 .4%	82 .1%	72 .4%	64	73	70	69	37	58	57	50
Bel ium g	2, 39 2	64 .6%	75 .9%	76 .7%	72 .6%	66	67	60	68	43	51	46	49
Spa in	4, 68 0	47 .5%	58 .5%	62 .0%	50 .4%	50	50	49	49	24	30	30	25
Ital y	1, 55 2	53 .9%	70 .4%	70 .5%	64 .9%	61	61	57	56	33	43	40	37
UK ( in £ )	8, 98 4	63 .4%	75 .5%	77 .8%	72 .5%	45	46	46	48	29	35	36	35
in \$ US A ( )	76 07 1 ,	56 .6%	63 .2%	67 .0%	57 .5%	40	42	44	40	23	26	29	23

Given significant changes in VAT rates in Germany and United-Kingdom in 2010, RevPAR are presented excluding VAT from now.

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