AccorHotels: Like-for-like third-quarter 2017 revenue up 6.4% to €504 million
Full-year 2017 EBIT expected at the upper end of the €460m to €480m target range. |
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AccorHotels: Like-for-like third-quarter 2017 revenue up 6.4% to €504 million
Full-year 2017 EBIT expected at the upper end of the €460m to €480m target range. |
Category: Worldwide - Industry economy -
Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2017-10-23
Third-quarter 2017 business activity was strong in the vast majority of the Group’s markets.Revenue totaled €504 million, up 6.4% at constant scope of consolidation and exchange rates, and up 7.2% as reported.
Commenting on the announcement, Sébastien Bazin, Chairman and Chief Executive Officer, said: “AccorHotels delivered another robust performance in the third quarter. The positive operating trends observed in our key markets in the first half were confirmed, and early signs of a recovery emerged in Latin America. The Group continued its rapid development. In the course of the quarter, our hotel base crossed the symbolic mark of 600,000 rooms and our pipeline reached a record level, reflecting the increasingly strong attractiveness of our brand portfolio, which now includes Orient Express and Nextdoor, and will soon extend to Mantra, BreakFree and Peppers. This favorable trend is expected to continue until the end of the year, allowing us to reach the upper end of the target EBIT range announced in July.”Highlights of the period - Sustained growth in all of the Group’s markets
- Opening of 73 hotels and more than 11,000 rooms
- More than 600,000 rooms opened and a record pipeline of 178,000 rooms
- Signing of agreements for the acquisition of Gekko and Mantra Group
- Partnership with SNCF for the development of Orient Express
- Partnership with Bouygues Immobilier for the development of Nextdoor
On July 12, 2016, AccorHotels announced its intention to turn HotelInvest into a subsidiary and dispose of the majority of it, united under AccorInvest. In accordance with IFRS 5, the assets held for sale have been placed in a separate item on the balance sheet and in the income and cash flow statements. The 2017 data presented in this press release reflect this accounting treatment.Accordingly, the Group is now structured around the following business lines - HotelServices, which houses the hotel franchisor and operator business, as well as activities related to hotel operations.
- New businesses, at this stage combining FastBooking, onefinestay and John Paul (previously part of HotelServices), as well as Availpro, VeryChic, TravelKeys and SquareBreak, consolidated since the current half-year.
- Hotel assets, which include HotelInvest assets not transferred to AccorInvest, mainly corresponding to Orbis, and hotels operated under lease agreements based on a percentage of EBITDAR (with no minimum guarantee, also known as management leases).
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