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Accor Q1 Revenue Up 7.4% On Like-for-like Basis

French hotel group Accor (ACRFY.PK,ACRFF.PK) said that consolidated first-quarter 2017 revenue totaled 425 million euros, up 35.4% as reported and 7.4% on a like-for-like basis.

Revenue derived from the hotel assets held by the Group, mainly in Central Europe and under lease in Brazil, also grew in first-quarter 2017, by 5.8%.

The company noted that changes in the scope of consolidation (acquisitions and disposals) made a positive contribution of 82 million euros (+26%), thanks in particular to the contributions of Raffles, Fairmont, Swissotel, onefinestay and John Paul.

Currency effects had a positive impact of 6 million euros, attributable primarily to the Brazilian real (+8.2 million euros) and the Australian dollar (+4.3 million euros).

In France & Switzerland, revenue was down 0.6% on a like-for-like basis. The decline was attributable in particular to the loss of one business day and to the conversion of around 60 Grape Hospitality hotels into franchised hotels in June 2016. However, RevPAR was up sharply (+5.0%), driven by a 2.7 point increase in the occupancy rate combined with stable prices.

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