In the fourth quarter, revenues jumped by 12.3%, thanks to a healthy year-end performance in hotels and corporate services.

The 8.5% increase in revenues breaks down as follows :

• growth of existing activities (on a constant structural and currency basis) : + 4.6%
• business development : +10.9%
• disposals : - 4.9%
• currency changes : - 2.1%.

The Group�s business development initiatives were particularly significant in 1999, notably in the hotel sector. With the acquisition of Red Roof Inns in the US (322 hotels) as well as the purchase of the Frantour, Good Morning, Demeure and Libertel European chains, among others, Accor�s hotel network rose by 639 units or 69,030 rooms (+22%, net of closings). At December 31, 1999, the Accor hotel network encompassed 3,234 hotels and 354,652 rooms.
 

Five additional casinos also joined the Accor Group during the year. Disposals conducted as part of the Group�s resource reallocation strategy included the sale of restaurant activities in Brazil and Spain, as well as Accor�s interest in Europcar, excluded from the scope of consolidation as of October 31, 1999. Asset disposals reduced revenues by 4.9%. Foreign currency fluctuations resulted in a EUR 114 million decline in revenues. This primarily reflects the devaluation of the Brazilian real, partly offset by the stronger exchange rate of the US dollar against the euro.

The 18.1% increase in revenues breaks down as follows :

• growth of existing activities (on a constant structural and currency basis) : + 4.1%
• business development : +14.4%
• disposals : - 1.0%
• currency changes : + 0.6%.

In Europe, RevPAR (Revenues per available room, expressed in French franc terms) rose by 3.4% in business and leisure hotels, and by 7.4% in economy hotels. Overall RevPAR rose by 5.9% in France and 5.1% in Germany. In the US, the RevPAR of Red Roof Inns and Motel 6 (expressed in US dollars), rose by 2.6% and 6.1%, respectively, for the full year.

Revenues from corporate services (service vouchers and cards) dropped by 1.3%. Excluding foreign currency impact, however, revenues rose by 12.5%. The 1.3% decrease in revenues breaks down as follows :

• growth of existing activities (on a constant structural and currency basis) : + 9.5%
• business development : + 3.3%
• disposals : - 0.3%
• currency changes : - 13.8%.

In other complementary activities :

• Revenues from travel agencies rose by 11.3%. Revenues rose by 20.9% in North America and 6.3% in Europe, where higher traffic volume was partly offset by lower commissions paid by airlines.

• In car rental, Europcar revenues in the first ten months of the year, prior to the company�s exclusion from the scope of consolidation, rose by 11.7% on a constant currency and structural basis.

• Revenues from casinos rose by 42.9%, following the integration of five additional casinos (Malta; and Benodet, Perros Guirec, Saint-Raphaël and Dax in France). On a constant structural basis, revenues rose by 7.1%.

• Revenues from restaurant activities declined by 27.7% following the sale of public restaurant activities in Spain and Brazil. Excluding the impact of the Soccer World Cup in Paris in 1998, revenues from the Lenôtre de-luxe catering chain rose by 11.4%.

• Finally, in onboard train services activities, revenues dropped by 4% on a published basis. However, on a constant structural and currency basis (disposal of onboard cleaning services), revenues rose by 2.2% overall and by 14.6% in France alone, on a comparable basis.