including 9.8% growth in the third quarter
Hotels revenue for the first nine months amounted to €4,245 million, up 9.1% on a reportedbasis compared
to the prior-year period. The net increase for the period can be analyzed as follows:
· Expansion added €61 million to revenue and 1.6% to reported growth. The increase wasattributable to the opening of 130 hotels representing a total of 15,400 rooms during the first nine
months of the year.
· The asset-right strategy reduced revenue by an aggregate €102 million or 2.6%.
·The currency effect was a positive €133 million or 3.3%, mainly due to the favorable change in
exchange rates for the Australian dollar, Brazilian real and US dollar against the euro.
· Underlyingrevenue (at constant scope of consolidation and exchange rates) was up 6.8%
in the first nine months, reflecting the recovery of activity in Europe.
Revenue for the third quarter alone totaled €1,522million, an increase of 12.2% as reported over the yearearlier
period. This figure takes into account:
· The 1.5% positive impact of the Group’s expansion, with the opening of 37 hotels (4,500 rooms)during the period adding €21 million to revenue.
· The 3.4% negative impact of the asset-right strategy, which reduced third-quarter revenue by €47
· The 4.3% positive currency effect,which increased revenue by €58 million.
· Like-for-like revenue growth of 9.8% for the quarter, reflecting the continued improvement in
occupancy rates while average room rates began to rise,particularly in the Upscale & Midscale
Note: Since January 1, 2010, the hospitality industry has been affected by several changes in VAT legislation.
In Germany, the VAT rate on lodgingaccommodations was reduced to 7% from 19%, while in the United
Kingdom, the general VAT rate was increased by 2.5 points to 17.5% from 15%. This has had an impact on
RevPAR figures, which include VAT, but...