Accorhotels saw revenues jump after strong performances from recent acquisitions including Raffles, Fairmont, Swissotel, Onefinestay and John Paul.
The hotel group, which operates chains Raffles and Sofitel as well as budget brand Ibis, said first-quarter revenue rose 35 per cent year-on-year to €425 million.
Acquisitions and disposals made a contribution of €82 million, the French-based company reported.
In the three months to end-March 2017, revenue from the new businesses (concierge services, luxury home rentals and digital services for independent hotels) amounted to €13 million, compared with €5 million in first-quarter 2016, helped by the consolidation of John Paul and onefinestay.
Accorhotels said UK business remained “brisk” (+9.2%), benefiting from the depreciation of the pound.
Sébastien Bazin, chairman and CEO of Accorhotels, said: “The trends observed in the first quarter in the vast majority of regions reflect a favorable environment for the hotel industry. This is particularly the case in our three main markets, France, Europe and the Asia-Pacific region. The new businesses also performed well, thanks in part to the support of Accorhotels.
“At the same time, the group further entrenched its growth, its move into new businesses and its leadership in the luxury segment through numerous value-creating acquisitions, namely Rixos and BHG in hotels, and Availpro, Potel & Chabot and VeryChic in new businesses.
“Lastly, the process of transforming Accorinvest into a subsidiary is underway; Accorhotels is therefore perfectly in line with our 2017 objectives.”
During the first quarter, Accorhotels’ development represented 35 hotels and more than 7,000 rooms. As of March 31, 2017, the Group’s pipeline amounted to 951 hotels and 176,000 rooms.