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New acquisitions help push AccorHotels' like-for-like sales up 9.5%

18 April 2018 by
New acquisitions help push AccorHotels' like-for-like sales up 9.5%

The acquisitions of businesses including Gekko, Mantis and ResDiary have helped boost AccorHotels' like-for-like sales in the first quarter of 2018 by 9.5%.

The company unveiled consolidated first quarter revenue of €633m (£551m) for the period.

Group revpar was up by 5.3%, with a 4.6% increase in Europe and 5.3% in the Asia-Pacific region.

Demand accounted for 61% of the increase, with average prices accounting for the other 39%, the group said.

In the UK, revpar was "broadly stable", up 0.4% for the period, with an increase of 2.1% in the regional markets offset by a decline in London of 1.9%.

Nonetheless, London continues to enjoy one of AccorHotels' best occupancy rates in Europe (76% in the first quarter).

Revenue in AccorHotels' hotel services arm, the largest division in the group, was €533m (£464m) during the quarter, which represented a 7.7% like-for-like increase at constant exchange rates.

In its hotel assets arm, like-for-like sales increased 7.5% to €157m (£136.7m).

Revenue at its new businesses division, comprised of businesses developed by the group over the past two years, mainly through acquisitions, saw revenue rise to €31m (£27m), up from €13m (£11.3m) in the same period a year before, representing a 14.5% like-for-like increase.

AccorHotels bought online restaurant booking tool ResDiary for an undisclosed sum earlier this month.

It also bought a 50% stake in South Africa-based Mantis Group, which has 28 boutique hotels and game reserves internationally.

In October last year, it signed an agreement to acquire business travel hotel reservation company Gekko.

Meanwhile, the group opened 61 hotels during the first quarter, representing nearly 10,000 rooms.

At the end of March 2018, AccorHotels' pipeline comprised 870 hotels and 153,000 rooms, of which 78% are in emerging markets and 51% in the Asia-Pacific region.

Sébastien Bazin, chairman and chief executive 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."

AccorHotels buys restaurant online booking tool ResDiary >>

AccorHotels to acquire Gekko >>

AccorHotels acquires 50% stake in Mantis Group >>

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