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Accor Q1 Revenues Up

French hotel group Accor (ACRFY.PK,ACRFF.PK) said that consolidated first-quarter 2018 revenues totaled 633 million euros, up 0.6% as reported and 9.5% on a like-for-like basis from 629 million euros reported last year.

CEO Sébastien Bazin said, "In line with the good trends of 2017, business remained strong in the first quarter in the vast majority of regions. Europe and Asia, our two key markets, continue to benefit from a buoyant environment. Our development continues at a sustained pace."

The Group's RevPAR grew by 5.3%, with good performances in the vast majority of regions, notably Europe and Asia-Pacific. Demand accounted for 61% of the increase, and average prices for 39%.

The Group's revenue growth was driven by strong growth in HotelServices which grew 7.7% and Hotel Assets which increased 7.5%. New Businesses revenue grew by 14.5% like-for-like.

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