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Accor: First-Half 2009 Revenue Down 8.1% Like-for-Like

 

    PARIS, July 16, 2009
 
    In a severely deteriorated economic environment
 
    - Prepaid Services revenue grew 5.7% like-for-like.
    - Hotels revenue continued to decline, contracting 11.4% like-for-like.
 

Consolidated revenue for the first half of 2009 totaled EUR3,410 million, down 9.3% on a reported basis and 8.1% like-for-like over first-half 2008.

    (in EUR millions)      First-half First-half  Change as           Change
                                2008       2009   reported like-for-like(1)
 
    Hotels                    2,803      2,534      -9.6%           -11.4%
    Upscale and Midscale      1,671      1,472     -11.9%           -13.3%
    Economy                     845        781      -7.6%            -7.3%
    Economy US                  287        281      -2.0%           -12.8%
    Prepaid Services            459        465      +1.3%            +5.7%
    Other businesses            496        411     -17.0%            -2.0%
    Total                     3,758      3,410      -9.3%            -8.1%
 
    (1) At constant scope of consolidation and exchange rates.
    (2) Impact of the retrospective application of IFRIC 13 - Customer
        Loyalty Programs from January 1, 2008.
 
 
 
    First-half 2009 revenue performance was shaped by the following factors:
 
    - The expansion strategy, which added 4.3% to growth for the
      quarter (of which EUR104 million from the full consolidation of Orbis).
    - The strategic refocusing on Hotels and Prepaid Services
      (with the disposal of the Brazilian foodservices business) and ongoing
      deployment of the asset-right strategy, which had a 4.5% negative
      impact on revenue for the period.
    - The 1.0% negative currency effect, resulting from the euro's
      appreciation against the British pound, the Australian dollar and the
      Brazilian real. On the upside, the dollar impact was a positive 1.1%.
    - At constant scope of consolidation and exchange rates,
      revenue contracted by 8.1%.
 

Second quarter revenue came to EUR1,794 million, down 9.0% on the year-earlier period on a reported basis and down 10.1% like-for-like.

Prepaid Services revenue up 5.7% like-for-like in the first half

First-half revenue from the Prepaid Services business stood at EUR465 million, up 1.3% as reported, reflecting the following factors:

    - A 3.8% negative currency effect, mainly due to the weakness
      of the British pound and Latin American currencies against the euro.
    - A like-for-like increase of 5.7% at constant scope of
      consolidation and exchange rates, achieved despite sharply higher
      jobless rates, particularly in Europe, and lower interest rates, which
      had a negative impact on interest income recognized in revenue.
 

Operating revenue (i.e. excluding interest income) rose by 6.8% over the period, compared with a 1.2% decline in interest income.

Excluding operations in Argentina, where tax incentives have been eliminated, revenue increased by 7.8% in the first half.

Second quarter revenue came to EUR234 million, up 0.5% as reported and up 3.2% like-for-like.

Prepaid Services in Europe up 3.9% like-for-like to EUR259 million

In France, like-for-like operating revenue (which excludes interest income) was up 11.9% for the first half of 2009, reflecting increases of 9.2% in the first quarter and 14.9% in the second. Second-quarter growth was mainly due to the launch of the prefunded Universal Employment Service Vouchers (CESU Social) at the initiative of the French government. On the other hand, lower interest rates dragged first-half interest income down by 9.3%, including falls of 5.3% in the first quarter and 13.2% in the second.

Revenue in the United Kingdom increased by 5.1% at constant scope of consolidation and exchange rates, reflecting gains of 7.0% in the first quarter and 2.9% in the second. Operating revenue was up 6.8% over the period, including 8.4% in the first quarter and 5.0% in the second. Growth was led by childcare vouchers (up 8.7%) and new PrePay Solutions products. Gift vouchers, on the other hand, declined by 18.5%. Interest income fell by 10.3% in the first half, reflecting declines of 6.1% in the first quarter and 14.6% in the second.

Prepaid Services in Latin America up 7.9% like-for-like to EUR175 million

In Latin America, revenue grew by 7.9%, of which 11.6% in the first quarter and 4.4% in the second. Generally speaking, business remained strong throughout the region and the slower revenue growth was mainly attributable to the sharp drop in interest rates, financial revenue was up 26.3% in the first quarter and was down 16.5% in the second.

In Brazil, revenue increased by 11.9% at constant scope of consolidation and exchange rates. The decline in the growth rate from 16.3% in the first quarter to 7.8% in the second was primarily due to lower interest rates.

Despite the elimination of tax incentives in Argentina, operating revenue in the rest of Latin America increased by 7.4% in the second quarter, compared with 4.9% in the first, for a 6.2% gain over the entire first half. Interest income, on the other hand, was weighed down by sharply lower interest rates, particularly in Venezuela. It declined by a sharp 14.6% in the first half, reflecting growth of 9.5% in the first quarter and a 35.3% drop in the second.

Further deterioration in the Hotels business, down 11.4% like-for-like

Hotels revenue amounted to EUR2,534 million in the first half, a period-on-period decline of 9.6% as reported. This figure takes into account the impact of:

    - The expansion strategy, which added 4.4% to growth thanks to
      i) the opening of 12,100 rooms in first-half 2009 versus 11,000 in the
      year-earlier period, including 4,240 rooms in franchised hotels, an
      increase of 26% over first-half 2008, and ii) the EUR73-million impact
      of the full consolidation of Orbis.
    - The sale of hotel properties under the asset-right strategy,
      which reduced growth for the period by 2.1%.
    - The currency effect, which was a negative 0.4% for the period.
    - The 11.4% decline in Hotels revenue at constant scope of
      consolidation and exchange rates caused by the continued deterioration
      of the economic environment, in spite of the improved resilience of the
      economy segment, particularly in France.
 

Second quarter Hotels revenue came to EUR1,351 million, down 11.1% as reported and 13.7% like-for-like.

Upscale and Midscale Hotels: down 13.3% like-for-like to EUR1,472 million

In the Upscale and Midscale segment, revenue was down 11.9% as reported and 13.3% like-for-like, reflecting declines of 9.2% in the first quarter and 16.6% in the second.

In France, the accelerating decline in revenue over the period was mainly due to the Business segment, which dropped 12.6% in the first quarter and 18.7% in the second. The Leisure segment was more resilient, contracting 4.1% in the second quarter. Moreover, despite the Paris Air Show in June, business outside Paris held up better than in the capital, with RevPAR down 17.2% in Paris versus 9.1% in the rest of the country.

In Germany, the like-for-like fall in first-half revenue came to 11.6%, including 1.9% in the first quarter and 19.6% in the second. Adjusted for the change in the timing of the Easter vacation and the absence of major trade fairs, revenue was down 8.1% in the first quarter and 11.5% in the second.

In the United Kingdom, first-half revenue contracted 10.2% like-for-like, including 8.9% in the first quarter and 11.4% in the second. Business in London fared better than the rest of the country, as the weak pound attracted more tourists, leading to a 10.4% rise in Leisure segment revenue. This helped to limit the decline in RevPAR to 7.2% in the capital versus 19.2% for the rest of the country.

Economy Hotels: down 7.3% like-for-like to EUR781 million

In the Economy Hotels segment, first-half 2009 revenue was down 7.6% as reported and 7.3% like-for-like, reflecting declines of 6.8% in the first quarter and 7.7% in the second.

In France, the economy segment demonstrated strong resilience in the depressed economic environment, with like-for-like revenue down just 2.7% for the period, including 3.2% in the first quarter and 2.3% in the second. After the major renovation program carried out in 2008 and 2009, Hotel F1 recorded a slight 0.4% increase in RevPAR in the second quarter and a decline of just 0.2% in the first six months, with first-half RevPAR for the renovated units (representing nearly 50% of the hotel base) up 3.6%.

Like the Upscale and Midscale segment, the Economy Hotels business held up better in the regions than in the capital, with RevPAR down 3.7% in Paris and 0.2% in the rest of the country.

In Germany, first-half revenue contracted 9.8% like-for-like, reflecting declines of 5.0% in the first quarter and 13.8% in the second. Like the Upscale and Midscale segment, the fact that the Easter vacation fell later in 2009 and the absence of certain trade fairs also had a significant impact on revenue from Economy Hotels. Adjusted for these effects, revenue was down 8.5% in the first quarter and 8.4% in the second.

Economy Hotels US: down 12.8% like-for-like to EUR281 million

Motel 6 revenue contracted by 2.0% in the first half on a reported basis.

Like-for-like revenue was down 12.8%, with falls of 11.5% in the first quarter and 14.1% in the second.

Although still affected by the severely weakened economic situation in the United States, the erosion of Motel 6 RevPAR was roughly 2 points less than that experienced by the competitors in its segment.

The 23 franchised Motel 6 hotels opened since the beginning of 2009 along with the 50 opened in 2008 drove a 26.6% increase in franchise revenues at constant exchange rates.

Outlook

The second quarter figures reflect the global economic situation, which is still extremely depressed.

Prepaid Services revenue increased by 5.7% like-for-like in the first half, which was below the five-year annual target set by the Group in 2005. The under-performance was due to the unprecedented nature of the crisis, which has resulted in a very sharp rise in unemployment, and to the decline in interest rates in Europe and Latin America, which has eroded interest income.

Given the faster reduction in interest rates, particularly in Latin America, the Group expects interest income to fall by more than 25% in the second half, feeding through to slightly positive like-for-like revenue growth for the full year.

Hotels revenue contracted 11.4% like-for-like in the first semester. The economy segment is faring better than the upscale and midscale segment, with revenue gap of 6.0 points (revenue down 7.3% in Economy hotels vs. down 13.3% in Up & Midscale).

With visibility in the Hotels business still low, the business remains badly hit by the economic environment and has not yet showed signs of stabilizing in most countries.

The Group is continuing to adjust to this environment by cutting costs and scaling back capital expenditure in 2009 and 2010.

 
 
 
                                     Revenue
 
    in EUR thousand            Quarter 1             Quarter 2
    HOTELS                  2,008       2009      2,008       2009
 
                           756.767    687.180    914.442    784.760
                           388.094    358.017    456.406    422.484
    Total HOTELS           137.254    137.235    149.573    143.833
                         1,282,115  1,182,432  1,520,421  1,351,077
    PREPAID SERVICES       226.637    231.163    232.368    233.620
    Other businesses        86.253     82.994     83.470     80.513
                           100.937     22.161     32.605     27.940
                            69.461     66.802     78.795     57.122
    Total OTHER BUSINESSES  21.918     30.816     22.887     43.505
                           278.569    202.773    217.757    209.080
    TOTAL                1,787,321  1,616,368  1,970,546  1,793,777
 
 
    - TABLE CONTINUED -
 
 
                                  First-Half 2009
    in EUR thousand              2,008         2009
    HOTELS
    Up & Midscale           1,671,209      1,471,940
    Economy                   844.500        780.501
    Economy US                286.827        281.068
    Total HOTELS            2,802,536      2,533,509
    PREPAID SERVICES          459.005        464.783
    Other businesses
    Casinos                   169.723        163.507
    Restaurants               133.542         50.101
    On-board train services   148.256        123.924
    Holdings & Other           44.805         74.321
    Total OTHER BUSINESSES    496.326        411.853
    TOTAL                   3,757,867      3,410,145
 
 
 
    in EUR thousand             Quarter 1             Quarter 2
    HOTELS              Change   Change L/L   Change   Change L/L
                       reported         (1)  reported         (1)
 
                        -9.2%      -9.2%     -14.2%     -16.6%
                        -7.7%      -6.8%      -7.4%      -7.7%
    Total HOTELS         0.0%     -11.5%      -3.8%     -14.1%
                        -7.8%      -8.7%     -11.1%     -13.7%
    PREPAID SERVICES     2.0%       8.3%       0.5%       3.2%
    Other businesses
                        -3.8%      -6.3%      -3.5%      -5.4%
                       -78.0%      -7.3%     -14.3%      -8.0%
                        -3.8%       4.7%     -27.5%       2.9%
    Total OTHER
    BUSINESSES          40.6%      -4.7%      90.1%      24.5%
                       -27.2%      -3.8%      -4.0%       0.3%
    TOTAL               -9.6%      -5.8%      -9.0%     -10.1%
 
 
    - TABLE CONTINUED -
 
 
                                  First-Half 2009
    in EUR thousand             Change           Change
                               reported          L/L(1)
    HOTELS
    Up & Midscale              -11.9%         -13.3%
    Economy                     -7.6%          -7.3%
    Economy US                  -2.0%         -12.8%
    Total HOTELS                -9.6%         -11.4%
    PREPAID SERVICES             1.3%           5.7%
 
    Other businesses
    Casinos                     -3.7%          -5.9%
    Restaurants                -62.5%          -7.5%
    On-board train services    -16.4%           3.7%
    Holdings & Other            65.9%          10.2%
    Total OTHER BUSINESSES     -17.0%          -2.0%
    TOTAL                       -9.3%          -8.1%
 
    (1) At constant scope of consolidation and exchange rates.
 
 
 
                         Year-to-Date RevPAR by Segment
 
    HOTELS : RevPAR by segment        Occupancy Rate      Average room rate
    H1                                 Subsidiaries         Subsidiaries
                                  (in   (chg in  (chg in      (chg in %  (chg
                                   %)     pts    pts L/L      reported)  in %
                                       reported)   (1))                   L/L
                                                                         (1))
 
    Upscale and Midscale
    Europe (in EUR)              56.5    -8.9     -7.3  98      -8.9    -4.7
    Economy Europe (in EUR)      64.1    -7.3     -7.4  57      -0.1     1.9
    Economy US (in $)            58.7    -5.8     -6.1  43      -4.1    -4.6
 
    - TABLE CONTINUED -
 
    HOTELS : RevPAR by segment                      RevPAR
    H1                             Subsidiaries Subsidiaries   Subsidiaries &
                                 (chg in %   (like-for-like(1))  (reported)
                                 reported)
    Upscale and Midscale
    Europe (in EUR)            56        -21.3               -15.3      -21.1
    Economy Europe (in EUR)    37        -10.4                -8.6      -10.5
    Economy US (in $)          25        -12.8               -13.7      -12.8
 
    (1) at comparable scope of consolidation and exchange rates.
 
 
                        Second Quarter RevPAR by Segment
 
    HOTELS : RevPAR by segment        Occupancy Rate      Average room rate
    Q2                                 Subsidiaries         Subsidiaries
                                  (in   (chg in  (chg in      (chg in %  (chg
                                   %)     pts    pts L/L      reported)  in %
                                       reported)   (1))                  L/L
                                                                         (1))
 
    Upscale and Midscale
    Europe (in EUR)              61.1     -10.1     -8.8  98     -11.6   -7.9
    Economy Europe (in EUR)      68.9      -7.8     -7.7  58      -1.4    0.4
    Economy US (in $)            60.3      -7.0     -7.3  44      -4.7   -5.3
 
    - TABLE CONTINUED -
 
    HOTELS : RevPAR by segment                    RevPAR
    Q2                     Subsidiaries         Subsidiaries   Subsidiaries &
                                  (chg in %   (like-for-like(1))  (reported)
                                  reported)
 
    Upscale and Midscale
    Europe (in EUR)          60        -24.1               -19.2      -23.6
    Economy Europe
    (in EUR)                 40        -11.3                -9.7      -11.7
    Economy US (in $)        26        -14.6               -15.7      -14.6
 
    (1) at comparable scope of consolidation and exchange rates.
 
 
 
                         Year-to-Date RevPAR by Country
 
 
    UPSCALE AND MIDSCALE HOTELS       Nb of           Occupancy Rate
    RevPAR by country H1              rooms            Subsidiaries
                                               (in %)  (chg in pts  (chg in
                                                        reported)   pts L/L
    (in local currency)                                               (1))
    France                             29.993     58.3        -8.2       -8.2
    Germany                            19.666     57.7        -5.1       -5.4
    Netherlands                         3.959     58.9        -7.9       -7.9
    Belgium                             1.801     62.8        -7.1       -7.1
    Spain                               2.333     48.9       -15.3      -14.5
    Italy                               3.522     54.0        -3.6       -2.9
    UK ( in GBP)                        5.432     72.3        -4.6       -4.8
 
 
    - TABLE CONTINUED -
 
 
    UPSCALE AND MIDSCALE HOTELS                Average room rate
    RevPAR by country H1                         Subsidiaries
                                                    (chg in %   (chg in % L/L
    (in local currency)                             reported)       (1))
    France                                    115        -0.9            -0.9
    Germany                                    91        -5.4            -5.9
    Netherlands                                97       -14.0           -14.0
    Belgium                                   107        -5.6            -5.6
    Spain                                      86       -18.6           -18.3
    Italy                                     103       -11.6           -10.3
    UK ( in GBP)                               84        -5.9            -7.0
 
 
    - TABLE CONTINUED -
 
 
    UPSCALE AND MIDSCALE HOTELS               RevPAR
    RevPAR by country H1        Subsidiaries       Subsidiaries Subsidiaries &
                                                 (like-for-like(1)) managed
                                              (chg in %            (reported)
    (in local currency)                       reported)
    France                     67        -13.2               -13.1      -13.3
    Germany                    53        -13.1               -14.0      -13.0
    Netherlands                57        -24.2               -24.2      -24.5
    Belgium                    67        -15.2               -15.2      -13.5
    Spain                      42        -38.0               -36.8      -38.0
    Italy                      55        -17.1               -14.8      -15.9
    UK ( in GBP)               61        -11.5               -12.9      -11.9
 
    (1) at comparable scope of consolidation and exchange rates.
 
 
 
    ECONOMY HOTELS                    Nb of            Occupancy Rate
    RevPAR by country H1              rooms             Subsidiaries
                                            (in %)  (chg in pts (chg in pts
    (in local currency)                              reported)   L/L (1))
    France                           41.943    66.9        -4.8        -5.5
    Germany                          15.052    61.5        -6.9        -7.0
    Netherlands                       2.256    65.5       -10.5        -9.6
    Belgium                           2.562    66.5        -9.9        -9.9
    Spain                             4.627    55.6       -17.2       -17.7
    Italy                             1.550    54.7        -6.9        -6.9
    UK ( in GBP)                      8.856    66.0        -9.0        -8.0
    USA (in $)                       77.836    58.7        -5.8        -6.1
 
 
    - TABLE CONTINUED -
 
 
    ECONOMY HOTELS                             Average room rate
    RevPAR by country H1                          Subsidiaries
                                                      (chg in %    (chg in %
    (in local currency)                               reported)     L/L (1))
    France                                    54           7.3          6.4
    Germany                                   60           0.7          0.6
    Netherlands                               80          -4.4         -5.7
    Belgium                                   70          -1.0         -1.0
    Spain                                     54          -4.3         -4.7
    Italy                                     72          -6.2         -6.2
    UK ( in GBP)                              53          -5.9         -2.6
    USA (in $)                                43          -4.1         -4.6
 
 
    - TABLE CONTINUED -
 
 
    ECONOMY HOTELS                    RevPAR
    RevPAR by country   Subsidiaries          Subsidiaries   Subsidiaries &
    H1                                                            managed
                                 (chg in %   (like-for-like(1))  (reported)
    (in local currency)          reported)
    France                   36          0.1                -1.8        0.1
    Germany                  37         -9.4                -9.7       -8.1
    Netherlands              52        -17.7               -17.7      -17.7
    Belgium                  46        -13.9               -13.9      -13.9
    Spain                    30        -26.9               -27.8      -26.9
    Italy                    39        -16.8               -16.8      -16.8
    UK ( in GBP)             35        -17.1               -13.0      -16.8
    USA (in $)               25        -12.8               -13.7      -12.8
 
    (1) at comparable scope of consolidation and exchange rates.
 
 
 
                        Second Quarter RevPAR by Country
 
    UPSCALE AND MIDSCALE HOTELS       Nb of           Occupancy Rate
    RevPAR by country Q2              rooms            Subsidiaries
                                               (in %)  (chg in pts  (chg in
                                                        reported)   pts L/L
    (in local currency)                                               (1))
    France                             30.292     63.3        -8.7       -9.0
    Germany                            19.667     59.1        -8.6       -8.8
    Netherlands                         4.011     63.9       -11.1      -11.1
    Belgium                             1.801     68.2        -8.3       -8.3
    Spain                               2.385     53.5       -16.9      -15.5
    Italy                               3.613     61.0        -2.3       -2.6
    UK ( in GBP)                        5.432     75.6        -4.7       -5.0
 
 
    - TABLE CONTINUED -
 
 
    UPSCALE AND MIDSCALE HOTELS                Average room rate
    RevPAR by country Q2                         Subsidiaries
                                                    (chg in %   (chg in % L/L
    (in local currency)                             reported)       (1))
    France                                 115        -2.9            -3.0
    Germany                                 87       -11.5           -12.0
    Netherlands                             97       -16.9           -16.9
    Belgium                                105        -8.8            -8.8
    Spain                                   80       -21.3           -21.0
    Italy                                  107       -11.9           -10.6
    UK ( in GBP)                            85        -7.0            -8.4
 
 
    - TABLE CONTINUED -
 
 
    UPSCALE AND MIDSCALE HOTELS               RevPAR
    RevPAR by country Q2        Subsidiaries   Subsidiaries    Subsidiaries &
                                                                   managed
                                  (chg in %   (like-for-like(1))  (reported)
    (in local currency)                       reported)
    France                     73        -14.7               -15.0      -14.5
    Germany                    51        -22.7               -23.3      -22.4
    Netherlands                62        -29.2               -29.2      -28.9
    Belgium                    72        -18.7               -18.7      -17.8
    Spain                      43        -40.2               -38.3      -40.2
    Italy                      65        -15.1               -14.2      -13.5
    UK ( in GBP)               64        -12.4               -14.1      -12.7
 
    (1) at comparable scope of consolidation and exchange rates.
 
 
    ECONOMY HOTELS                    Nb of            Occupancy Rate
    RevPAR by country Q2              rooms             Subsidiaries
                                            (in %)  (chg in pts (chg in pts
    (in local currency)                              reported)   L/L (1))
    France                           41.974    71.9        -4.6        -5.2
    Germany                          15.029    64.3        -9.2        -9.4
    Netherlands                       2.301    73.8       -10.1        -8.4
    Belgium                           2.562    72.0       -11.6       -11.6
    Spain                             4.660    58.6       -17.5       -17.7
    Italy                             1.550    61.8        -9.2        -9.2
    UK ( in GBP)                      8.898    69.9        -8.5        -7.9
    USA (in $)                       77.641    60.3        -7.0        -7.3
 
 
    - TABLE CONTINUED -
 
 
    ECONOMY HOTELS                             Average room rate
    RevPAR by country Q2                          Subsidiaries
                                                   (chg in %    (chg in %
    (in local currency)                            reported)     L/L (1))
    France                                    54           6.3          5.4
    Germany                                   59          -1.9         -1.8
    Netherlands                               84          -6.2         -7.3
    Belgium                                   69          -3.2         -3.2
    Spain                                     54          -4.9         -5.2
    Italy                                     70          -5.2         -5.2
    UK ( in GBP)                              53          -6.9         -3.3
    USA (in $)                                44          -4.7         -5.3
 
 
    - TABLE CONTINUED -
 
 
    ECONOMY HOTELS                    RevPAR
    RevPAR by country   Subsidiaries Subsidiaries   Subsidiaries &
    Q2                                                  managed
                                   (chg in %   (like-for-like(1))  (reported)
    (in local currency)            reported)
    France                     39         -0.1                -1.8       -0.2
    Germany                    38        -14.2               -14.4      -13.8
    Netherlands                62        -17.5               -16.7      -17.5
    Belgium                    50        -16.6               -16.6      -16.6
    Spain                      32        -26.7               -27.2      -26.7
    Italy                      43        -17.5               -17.5      -17.5
    UK ( in GBP)               37        -17.0               -13.0      -16.6
    USA (in $)                 26        -14.6               -15.7      -14.6
 
    (1) at comparable scope of consolidation and exchange rates.
 
Accor, a major global group and the European leader in hotels, as well as the global leader in services to corporate clients and public institutions, operates in nearly 100 countries with 150,000 employees. It offers to its clients over 40 years of expertise in two core businesses:
    - Hotels, with the Sofitel, Pullman, MGallery, Novotel, Mercure,
      Suitehotel, Ibis, all seasons, Etap Hotel, Formule 1 and Motel 6
      brands, representing 4,000 hotels and nearly 500,000 rooms in 90
      countries, as well as strategically related activities, such as
      Lenotre.
    - Services, with 32 million people in 40 countries benefiting
      from Accor Services products in employee and public benefits, rewards
      and loyalty, and expense management.

 

 

 

 

 

 

 

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Contact:
 
 Accor
www.accor.com

Alain Delrieu
Phone: +33 1 45 38 84 85
Éliane Rouyer-Chevalier
Senior Vice President
Investor Relations and
Financial Communication
Phone: +33 1 45 38 86 26.
.
.
Also See: Accor Focusing On the Battle for Revenue in Hotels - Launching Major Super Sale Promotions at Cut-rate Discounts / May 2009
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