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.
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.
HotelServices accordingly now consists of the following two businesses:
the hotel management and franchise business, based on the collection of management and franchise contract fees, as well as revenue generated by Purchasing;
the “Service to Owners” business, bringing together all the services on which the Group spends what it receives from hotels:
sales, marketing and distribution, the loyalty program,
personnel expenses of managed hotels, reinvoiced to hotels.
In the first quarter of 2018, the Group posted a robust 9.5% increase in revenue at constant scope and exchange rates (LFL), driven by strong growth in HotelServices (+7.7%) and Hotel Assets (+7.5%). New Businesses revenue grew by 14.5% like-for-like.
HotelServices, which operated 4,304 hotels (619,058 rooms) under franchise agreements and management contracts at the end of March 2018, reported a 7.7% like-for-like increase in revenue to €553 million. This growth is the result of very strong business in all regions.
The Management & Franchise business posted revenue growth of 7.2%, driven both by healthy business volumes and the Group’s rapid growth:
The Asia-Pacific region performed very well, with strong momentum in virtually all countries. RevPAR increased by 5.3%, driven notably by the timing of the Chinese New Year. This resulted in an 8% increase in RevPAR in China over the quarter. Australia’s RevPAR was up 2%, despite the negative effect of the shift in the Easter weekend. Southeast Asia was also buoyant, with a strong customer base driving RevPAR in Thailand and Vietnam.
During the first quarter, AccorHotels opened a record 61 new hotels, representing nearly 10,000 rooms. At the end of March 2018, the Group’s pipeline comprised 870 hotels and 153,000 rooms, of which 78% in emerging markets and 51% in the Asia-Pacific region.