Accor Reports Revenue Growth in Q1

PARIS—Accor reported consolidated first-quarter 2019 revenue totaled $1.1 billion, up 34.2% as reported and 8.8% compared to the same time last year.

“In a turbulent macroeconomic environment, the group’s first-quarter revenue performance highlights the effectiveness of our transformation and the soundness of our strategy,” said Sébastien Bazin, Accor’s chairman/CEO. “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.”

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 $198 million (+23.9%), thanks in particular to the contributions of Mantra and Mövenpick brands.

Currency effects had a positive impact of $12.3 million, attributable chiefly to the depreciation the euro against the U.S. dollar (8%).

During the first quarter, Accor opened 71 hotels, representing 8,300 rooms. At the end of March 2019, the company’s pipeline amounted to 1,135 hotels and 200,000 rooms.

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