French hotel group Accor SA's (AC.FR) 2010 results benefitted from the lower value of the euro against the dollar, Brazilian real and Australian dollar, its financial chief Sophie Stabile said Wednesday.
The exchange rate boost, along with improved business in Europe, prompted the company to increase its full-year guidance for earnings before interest and tax to around EUR440 million, from a previous target of between EUR400 million and EUR420 million.
Business could be mixed this year, with a recovery underway in the hotel market, but lingering macroeconomic risks, especially in Europe, Stabile added.
The company said full year sales rose 8.4% to EUR5.95 billion as the recovery in the hotels business expanded throughout Europe over the fourth quarter.
Stabile also said that 11% of rooms bought by Accor last year are operated under fixed rents or owned outright, and that 78% are managed under franchise or management contracts. The company is seeking to reduce the proportion of property it owns.
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