at constant scope of consolidation and exchange rates (like-for-like), and down 5.2% as reported.
The Group is also carrying out more value-creating initiatives and is moving ahead with its transformation project. The recent acquisition of onefinestay, the accelerated recruitment of independent hoteliers for our AccorHotels platform and the announced acquisition of FRHI demonstrate our agility and our determination. These strengths give us the means to consolidate our position as the world's leading hotel operator and to once again achieve record performances in 2016.”
First-quarter 2016 highlights:
• Favorable trends in the vast majority of the Group's markets
• France continued to be impacted by the terrorist attacks in November 2015, with Paris the worst affected while other regions showed a clear improvement
• Buoyant business in Europe, with the exception of Belgium and Germany
• HotelInvest: stable like-for-like revenue (+0.2%) despite its heavy exposure to France
• HotelServices: solid comparable revenue growth (+5.6%) particularly thanks to rapid development with the record opening of 8,961 new rooms (46 hotels) in the first quarter
Favorable outlook maintained
Performance was sound in first-quarter 2016 and remained in line with the trends observed at the end of 2015.
AccorHotels continued to benefit from good overall momentum, with growth in RevPAR in a number of markets, such as the United Kingdom, Southern Europe, Central Europe, the Middle East and the majority of markets in the Asia-Pacific region.
Demand in France was hampered by a drop in France's appeal as a destination in the wake of the November terrorist attacks. Trends are encouraging in other areas of the country and reveal a slow but sure improvement in the Paris region. A favorable calendar in May and the start of the Euro 2016 football tournament in June should put growth back in positive territory in the second quarter. Germany, the Group's second biggest market, should also see a clear upward shift in the second quarter of 2016, after a stable first quarter in line with expectations.
The development of the hotel portfolio is continuing apace, with a record first quarter and a development pipeline of more than 158,000 rooms. Similar momentum has been generated by the AccorHotels marketplace, with more than 1,100 independent hotels joining the Group's booking systems since the initiative was launched in autumn 2015.
***
2015 RESULTS
• Revenue up 2.3%1 to €5,581 million (+2.9% like-for-like)
• EBIT up 10.6%1 to €665 million (+3.5% like-for-like)
• Net profit up 9.4%1 to €244 million
• Record recurring cash flow of €341 million Sébastien Bazin, Chairman and Chief Executive Officer of AccorHotels, said: “AccorHotels delivered an outstanding performance in 2015: growth in revenue, a big improvement in earnings and a more robust financial position. The momentum driven by the strategic, operational and cultural transformation and the quality of the performance and motivation of our teams are clearly producing results in all of our businesses. AccorHotels is moving forward, driving its growth and focused on the future.
In an extraordinarily volatile global economic context, and at a time when the hospitality industry is reinventing itself, the opportunities available are numerous and the Group’s objectives for 2016 are clear: strengthen our position as the world’s leading hotel operator, and continue to significantly improve our operational and financial performance.”
2015 highlights
• Strong growth in Europe and in emerging markets
• Difficulties in France, affected by the terrorist attacks in January and November, and in Brazil
• HotelServices: sound growth, rollout of the digital plan and launch of the AccorHotels marketplace open to independent hotels
• HotelInvest: strong improvement in performance, with restructuring continuing at a rapid pace (93 hotels, plus 12 hotels sold to Huazhu in China in January 2016)
• Record development of 36,172 rooms (229 hotels)
Strategic transactions in 2015-2016
• Announcement of the acquisition of the Fairmont Raffles Hotels International Group
• Closing of the partnership agreement with Huazhu (China Lodging)
• Announcement of the creation of a new franchisee bringing together 85 hotels in Europe
1 As reported. 
