SUSTAINED ORGANIC GROWTH IN THE PORTFOLIO, WITH 8,300 ROOMS OPENED
Sébastien Bazin, Chairman and Chief Executive Officer, said:
“In a turbulent macroeconomic environment, the Group’s first-quarter revenue performance highlights the effectiveness of our transformation and the soundness of our strategy. Europe remained strong, while South America continued its robust recovery. We achieved sustained business development over the period, in line with our medium-term objectives, and continued to strengthen our pipeline, with an ever-increasing share of luxury hotels, which generate higher fees per room. Performing well and growing steadily stronger, the Group can tackle the rest of the year with confidence.”
Consolidated first-quarter 2019 revenue totaled €987 million, up 34.2% as reported and 8.8% like-for-like (LFL).
The Group’s RevPAR increased by 1.6%, with mixed performances depending on the region: Europe was resilient (+3.3%), while Asia-Pacific was down slightly (-0.6%). Accor anticipates an improvement of the momentum across the year. The Group confirms a RevPAR growth of around 3% for FY19.
Changes in the scope of consolidation (acquisitions and disposals) had a positive impact of €176 million (+23.9%), thanks in particular to the contributions of Mantra and Mövenpick.
Currency effects had a positive impact of €11 million, attributable chiefly to the depreciation the euro against the US dollar (8%).
During the first quarter, Accor opened 71 hotels, representing 8,300 rooms. At the end of March 2019, the Group’s pipeline amounted to 1,135 hotels and 200,000 rooms.
Strong growth in revenueIn the first quarter of 2019, the Group posted a robust 8.8% increase in revenue at constant scope and exchange rates (like-for-like), driven by strong growth in HotelServices (+7.3%) and Hotel Assets (+8.9%). Revenue from New Businesses was up 10.0% like-for-like.
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