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Accor sees strong Q1 group revenue as London boosts UK lack lustre results

Accor Hotels has posted its consolidated first-quarter 2019 revenue, which stood at £854m, up 34.2% and 8.8% like-for-like (LFL).

The Group’s RevPAR increased by 1.6%, with mixed performances depending on the region: Europe was resilient (+3.3%), while Asia-Pacific was down slightly (-0.6%).

RevPAR growth was limited in the UK (+0.9%). The highly contrasted situation between London and the regional cities continued. The increase in RevPAR in London (5.8%), driven by persistently strong inbound tourism offset the decline in business in regional markets, attributed to weak corporate demand and Brexit uncertainties. Novotel London Waterloo is pictured.

During the first quarter, Accor opened 71 hotels, representing 8,300 rooms. At the end of March 2019, the Group’s pipeline amounted to 1,135 hotels and 200,000 rooms.

Sebastien Bazin, Chairman and Chief Executive Officer, said, “In a turbulent macroeconomic environment, the Group’s first-quarter revenue performance highlights the effectiveness of our transformation and the soundness of our strategy. Europe remained strong, while South America continued its robust recovery.

'We achieved sustained business development over the period, in line with our medium-term objectives, and continued to strengthen our pipeline, with an ever-increasing share of luxury hotels, which generate higher fees per room. Performing well and growing steadily stronger, the Group can tackle the rest of the year with confidence.”