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Accor 2013 Profit Exceeds Target on Hotel-Industry Recovery

Accor SA, Europe’s largest hotel operator, said 2013 profit rose 1.9 percent on cost cuts and a hotel-industry recovery.

Earnings before interest and taxes rose to 536 million euros ($737 million) from 526 million euros a year earlier, the Paris-based owner of the Sofitel and Ibis brands said in a statement today. That beat the average estimate of 528.3 million euros from 18 analysts surveyed by Bloomberg and the company’s target of 530 million euros.