Accorhotels has recorded its first quarter results, reporting strong revenue growth despite a negative impact from currency fluctuations.
Consolidated revenue for the quarter grew 9.5 per cent to €633 million. The group’s revpar was up 5.3 per cent, with Europe and Asia performing the best (up 4.6 and 5.3 per cent respectively).
The group says the contributions of new acquisitions such as Availpro, Verychic, Travel Keys and Gekko contributed €8 million to its total.
However, Accorhotels reports that fluctuations in the euro’s value, in particular against the US dollar, had a negative impact of €63 million.
In the first quarter, the group developed 61 hotels and nearly 10,000 rooms, bringing its portfolio to 870 hotels.
Following an announcement earlier this year, Accorhotels has signed a contract to sell a 55 per cent stake in its real estate arm, Accorinvest. The sale is subject to regulatory and board approval, and the group expects the transaction to be completed by the end of Q2 2018.