October 22, 2018

AccorHotels sees revenue gains in Q3 but grapples with Onefinestay

While its HotelServices business increased 9.1 percent year over year, Accor wrote off 246 million euros on the Onefinestay and John Paul acquisitions last quarter and initiated a strategic review of the businesses.

The Group’s development continues at a rapid pace. During the third quarter, AccorHotels opened 73 hotels, representing nearly 11,000 rooms. At the end of September 2018, the Group’s pipeline comprised 1,031 hotels and over 184,000 rooms, of which 80% in emerging markets and 49% in the Asia-Pacific region.

In third-quarter 2018, revenue for the New Businesses division came in at €40 million, reflecting mixed performances across the different businesses. AvailPro, FastBooking and VeryChic posted strong growth, as did recent acquisitions such as Gekko, ResDiary and Adoria, while onefinestay and John Paul turned in negative performances, in part due to the strategic review launched this summer. Overall, the segment grew by 27.1% as reported, and contracted by 5.8% like for like.

Get the full story at AccorHotels