Acquisitions drive strong revenue growth in third quarter at Accor
Accor completed the acquisition of Mövenpick earlier this year

Acquisitions drive strong revenue growth in third quarter at Accor

AccorHotels has reported revenue of €1,033 billion for the third quarter, up 22 per cent.

The increase comes following the acquisition of Mövenpick and Australia-based Mantra.

RevPAR climbed 5.9 per cent, reflecting positive performances in all regions – particularly in Europe (up 7.1 per cent) and Asia-Pacific (up 3.1 per cent) – primarily because of a strong price effect.

Sébastien Bazin, chairman of AccorHotels, said: “AccorHotels turned in a solid performance in the third quarter, reflecting positive operating trends in the majority of our markets as well as the group’s strong 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.”

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Changes in the scope of consolidation (acquisitions and disposals) had a positive impact of €144 million (17 per cent), thanks in particular to the addition of Mantra, Mövenpick and Gekko.

During the period, AccorHotels opened 73 hotels, adding nearly 11,000 rooms.

At end-September, 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.

Accor predicted a full-year EBITDA target of €700-€720 million.

“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,” concluded Bazin.