Accor reports 3.3% in Q3 like-for-like revenue
Hotel group Accor has reported a 3.3% increase in like-for-like revenue in quarter three to €1,459m (£1,164m).
The results consolidated the positive trend observed in the first half of the year, resulting in a 3.4% like-for-like increase for the nine months to the end of September. Accor also reported that there was “strong demand in most” of its markets, particularly in the UK, Germany, Benelux and in Europe generally.
UK demand improved strongly in Q3 and was led by midscale and economy segments (up 8.8% and 10.5% respectively). London saw strong occupancy rates with revenue per available room (RevPAR) up 3.7% in Q3, compared to 3.8% in the second quarter.
Business was also strong in other cities, with events such as the Commonwealth Games in Glasgow, the Ryder Cup and the NATO Summit in Wales, driving a 14.8% increase in RevPAR in Q3.
Sébastien Bazin, chairman and chief executive officer, said: “This strong third-quarter performance enables us to confirm the full-year EBIT target set for 2014. Obviously, we will continue to pay close attention to changes in the persistently lacklustre French market, and to the situation in Africa.
“The strong demand in Europe, including in southern Europe, and in emerging markets will provide the growth necessary for HotelInvest and HotelServices to continue to implement their strategic roadmaps.”
Accor opened a total of 51 hotels, or 7,529 rooms in Q3.
