AccorHotels Sees Robust Business, Development in First Half

PARIS—The first half of this year saw AccorHotels continue the deep-seated transformation of its business model, with the sale of a majority stake in the capital of AccorInvest, the integration of Mantra in Australia and Mantis in South Africa, and the acquisition of Gekko in France.

The second half of the year will see Mövenpick in the Middle East, Atton in South America and sbe in the U.S. join the brand’s network, enabling AccorHotels to consolidate its market shares and the array of options offered to customers.

“The group’s strong operating performance delivered solid results in first-half 2018 and record organic growth with the opening of 20,000 rooms over the period. Today, AccorHotels operates more than 4,500 hotels and 650,000 rooms around the world, the majority of which are located outside Europe,” said Sébastien Bazin, chairman and CEO of AccorHotels. “Underpinned by a reinforced pipeline, the group’s strong prospects mean it is firmly on track to achieving its medium-term targets.”

AccorHotels benefited from solid business levels in most of its key markets in the first half of the year. It opened 45,150 rooms (301 hotels) during the period, of which 19,757 were through organic growth and 25,393 via the acquisitions of Mantra and Mantis. On June 30, the group had a portfolio of 652,939 rooms (4,530 hotels) and a pipeline of 167,000 rooms (959 hotels), of which 79% were in emerging markets.

Financial highlights:

  • Business volumes of €8.9 billion ($10.32 billion), up 10.3% at constant exchange rates
  • Revenue of €1,459 million ($1,691.09 million), up 8% like for like
  • EBITDA of €291 million ($337.29 million), up 4.2% like for like
  • Net profit of €2,179 million ($2,525.63 million), following the sale of a stake in AccorInvest
  • 301 hotels and 45,150 rooms opened
  • Sale of an additional 7% stake in AccorInvest for €250 million ($289.77 million)
  • Full-year 2018 EBITDA target between €690 million ($799.76 million) and €720 million ($834.54 million)