Sébastien Bazin, Chairman and Chief Executive Officer of AccorHotels, said:
“AccorHotels turned in a solid performance in the third quarter, reflectingpositive operating trends in the majority of our markets as well as the Group’sstrong 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.
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.”
In the third quarter of 2018, revenue came in at €1,033 billion, 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 (+17.0%), thanks in particular to the addition of Mantra, Mövenpick and Gekko.
Currency effects had a negative impact of €20 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.
For AccorHotels Full Q3 results click here