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A solid first-half 2014 reflecting strong momentum in international markets and the early effects of the Group’s transformation

August 28, 2014 Financial No Comments Email Email

Sébastien Bazin, Chairman and Chief Executive Officer, said:
“In the first-half of 2014, our planned reorganisation ensured the Group’s transformation is now well underway. The strong results for the period, with an increase in margins, reflect good momentum and
the work of highly committed teams to deploy our new strategy. Each business now has the means to respond effectively to its specific challenges. We have significantly increased resources and completed major acquisitions/restructuring for HotelInvest in the first half, followed by the agreement signed with Tritax in the United Kingdom. In the second half we will focus in particular on deploying the HotelServices strategy built around innovation, digital solutions and brands.”

First-half 2014 highlights: The transformation is underway

  • The reorganisation of Accor around its HotelServices and HotelInvest business lines is now effective. The Group’s financial reporting system is now fully aligned with this new structure.
  • Accor’s financial position was strengthened through debt issues at record low interest rates, including €900 million worth of perpetual subordinated notes issued in June, and a new €1.8 billion syndicated credit line.
  • €900 million worth of acquisitions were completed (97 hotels in Germany, the Netherlands and Switzerland).
  •  The improvement of the Group’s digital eco-system for our guests was introduced by the launch of the Welcome project and the implementation of new advantages for our 16 million Le Club Accorhotels members.
  • The first valuation of the gross asset value of HotelInvest’s portfolio came up to an indicative range of between €5.0 and 5.5 billion.

See more information at http://www.accor.com/fileadmin/user_upload/Contenus_Accor/Finance/Pressreleases/2014/UK/accor_cp_h1_results.pdf

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