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Accor raises profit goal again
Europe’s largest hotel group, Accor, raised its 2010 profit goal again yesterday as fourth-quarter sales slightly beat expectations amid a global recovery in demand for hotel rooms. Accor, the fourth-largest hotel group behind the InterContinental, Marriott and Starwood Hotels, said occupancy rates improved in the last quarter while the recovery in average room rates continued in most countries. Accor said it now expected earnings before interest and tax of around €440m (£371m) instead of the previous target of €400-€420. Finance chief Sophie Stabile said that the trend for bookings at the start of 2011 was “good” but she remained cautious.