AccorHotels reported revenue of 1 billion euros during the third quarter, a 7.6 percent year-over-year increase on a like-for-like basis.
The company attributed a revenue gain of 144 milllion euros to the recently acquired Mantra, Movenpick and Gekko. Its HotelServices business increased 9.1 percent year over year on a like-for-like basis, and hotel assets grew 6.3 percent like for like.
However, revenue from Accor's new businesses segment fell 5.8 percent year over year on a like-for-like basis, owing to negative impacts from home-rental company Onefinestay and concierge company John Paul. "If you include all the new businesses as if they had been consolidated from July 1, 2017, the overall growth is slightly positive," deputy CEO Jean-Jacques Morin said during the company's third quarter earnings call.
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Accor wrote off 246 million euros on the Onefinestay and John Paul acquisitions last quarter and initiated a strategic review of the businesses in July. Morin added later in response to an analyst question that the company still wants to move ahead with private rentals and John Paul, but "at this stage, it's too early to tell you what the solution is."
Systemwide average daily rate rose 4.6 percent year over year on a like-for-like basis to 90 euros, while occupancy increased 0.9 percentage points to 72.9 percent.
The company opened 73 hotels, or 11,000 rooms, during the quarter. Its pipeline as of Sept. 30 stood at 1,031 hotels, or 184,000 rooms, 80 percent of those in emerging markets and 49 percent in the Asia/Pacific region. Morin noted that a growing share of its pipeline, 35 percent, is now comprised of luxury and upscale properties, an increase from 28 percent in the second quarter.
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