Sébastien Bazin, Chairman and Chief Executive Officer of AccorHotels, said:
“In line with the good trends of 2017, business remained strong in the first quarter in the vast majority of regions. Europe and Asia, our two key markets, continue to benefit from a buoyant environment. Our development continues at a sustained pace. At the same time, our new businesses are taking shape and gradually gaining momentum. To complement this, the Group is pursuing its strategy of growth and consolidation of its ecosystem through targeted acquisitions. Since the beginning of the year, this has resulted in Gekko, Mantis and ResDiary joining the world of AccorHotels. In short, the Group is continuing its fast-paced transformation to build an increasingly comprehensive offering to serve its customers.”
Consolidated first-quarter 2018 revenue totaled €633 million, up 0.6% as reported and 9.5% like-for-like.
The Group’s RevPAR grew by 5.3%, with good performances in the vast majority of regions, notably Europe (+4.6%) and Asia-Pacific (+5.3%). Demand accounted for 61% of the increase, and average prices for 39%.
Changes in the scope of consolidation (acquisitions and disposals) had a positive impact of €8 million (+1.2%), thanks in particular to the contributions of Availpro, VeryChic, Travel Keys and Gekko.
Currency effects had a negative impact of €63 million, attributable to the euro’s substantial appreciation against all other currencies, and in particular the US dollar (15%).
During the first quarter, AccorHotels developed a record 61 hotels and nearly 10,000 rooms. As of March 31, 2018, the Group’s pipeline amounted to 870 hotels and 153,000 rooms.
Due to the change in its model and the application of IFRS 15, AccorHotels has modified its reporting.
In accordance with IFRS 15, for certain management contracts, the Group’s financial statements now include the hotel operating expenses that are fully reinvoiced to the owners. These expenses have no impact on EBITDA. This recognition nevertheless results in lower margins, by basing them on a greater amount of revenue.
AccorHotels has also taken the components of HotelServices that were until now housed in “Other activities” and regrouped them by nature in a new HotelServices division dedicated to “Service to Owners” and in Hotel Assets.
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