Get Adobe Flash player 4Review of the Year FINANCIAL REVIEW 2012 revenue by region Latin America and Caribbean Europe (excluding France) 42% Africa Middle East 3% Asia Pacific 13% France 34% North America 1% 7% Hotels Hotels revenue rose 2.7% like-for-like and 2.1% on a reported basis, led by sustained demand throughout the year. The main European contributing countries of France, Germany and the United Kingdom turned in a good performance, but the situation in Southern Europe continued to deteriorate. Revenue growth in Europe was lifted by sustained demand in key cities and the solid improvement in room rates in every segment. Business also benefited from the strong growth in emerging markets, especially in Latin America and the Asia-Pacific region, where operations reported very fast revenue growth throughout the year. Quarterly change in 2012 Hotels revenue, like-for-like and year-on-year 4.2% 3.3% 1.2% 2.3% 2.7% Q1 Q2 Q3 Q4 FY 2012 Upscale and Midscale Hotels Revenue in the Upscale & Midscale segment rose by 2.4% like-for-like and by 3.3% as reported in the fourth quarter, lifted by the increase in RevPAR, due to the improvement in average room rates, and the growing contribution from management and franchise fees, that were up 10.5% and added 1.2 points to quarterly growth. Over the period, segment revenue rose by 1.3% in Europe, 1.0% in the Asia-Pacific region, despite a slight decline in Australia. It rose by 5.0% in Latin America. Economy Hotels Revenue in the Economy segment rose by 2.1% like-for-like and 3.2% as reported in the fourth quarter. The gains were driven by the sharp 28.7% increase in management and franchise fees over the quarter. This increase represents 2/3 of revenue growth this quarter. Revenue growth was also led by strong performances in the Asia-Pacific region, up 4.1%, and Latin America, up 7.4%. Revenue held stable in Europe (up 0.8%), despite the sustained deterioration in the Spanish market, down 9.5% in the fourth quarter.