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Accor Ups 2013 Profit Goal After Q4 Sales

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Accor, Europe's largest hotel group, on Thursday raised its operating profit goal for 2013 to reflect robust growth in Europe and in emerging markets and what it said were "significant" cost savings in the fourth quarter.

The French company, with nearly 3,500 hotels ranging from the luxury Sofitel to the budget Ibis, said revenue reached EUR€1.40 billion, a like-for-like rise of 3.4 percent against 3.8 percent in the third quarter

Accor said it now expected to post full-year 2013 earnings before interest and tax (EBIT) of EUR€530 million (USD$721 million), which compares with EUR€526 million in 2012.

(Reuters)