AccorHotels has, in the third quarter of 2018, clocked a revenue of 1,033 billion euros, up 22.3% as reported and 7.6% like for like.
RevPAR climbed 5.9%, reflecting positive performances in all regions – particularly in Europe (+7.1%) and Asia-Pacific (+3.1%) – primarily as a result of a strong price effect (76%).
Changes in the scope of consolidation (acquisitions and disposals) had a positive impact of 144 million euros (+17.0%), thanks in particular to the addition of Mantra, Mövenpick and Gekko.
Currency effects had a negative impact of 20 euros million, attributable to the euro’s substantial appreciation against a number of currencies, and despite a fall in value versus the US dollar (1.0%).
During the period, AccorHotels opened 73 hotels, adding nearly 11,000 rooms. At end-September 2018, the Group’s pipeline had risen above the symbolic 1,000 hotel mark with 1,031 units in planning, representing record volumes of around 184,000 rooms.
Commenting on the development, Sébastien Bazin, Chairman and Chief Executive Officer of AccorHotels, said: “AccorHotels turned in a solid performance in the third quarter, reflecting positive operating trends in the majority of our markets as well as the Group’s strong growth as a result of acquisitions made since the start of the year. In addition to these operations, which enable us to cement our international leadership, our organic growth continued at a fast pace and our pipeline rose above the 1,000 hotel mark, underlining the strength of our brand portfolio.” He added “despite contrasting conditions across our geographies, this strong operating momentum enables us to narrow our EBITDA target to the upper range of the guidance announced in July.”
Sharp growth in revenue
In third-quarter 2018, the Group posted a sharp 22.3% rise in revenue, mainly reflecting the impact of consolidating Mantra and Mövenpick. Like-for-like growth came in at a solid 7.6%, driven by HotelServices (+9.1%) and Hotel Assets (+6.3%). Revenue from New Businesses contracted by 5.8% like for like.