Sébastien Bazin, Chairman and CEO of Accor, commented:
“Accor’s third quarter performance was solid, validating the quality of its asset-light model in a mixed international environment. The Group once again generated solid revenue growth with steady supply growth and a record-setting pipeline. At the same time, Accor continued to execute its strategy, making progress on the sale of its remaining real estate activities, and on the launch of ALL, the Group’s new distribution platform and loyalty program, in the near future.”
HotelServices, which operates 4,946 hotels (726,345 rooms) under management contracts and franchise agreements at end-September 2019, reported a 6.5% like-for-like increase in revenue to €760 million. This improvement confirms the resilience of our business model in a mixed economic environment.
Hotel Assets & Other revenue
Hotel Assets & Other revenue was down 0.7% like-for-like to €273 million. It was affected by market trends in the Asia-Pacific region. The 11.8% increase on a reported basis mainly reflects the consolidation of Mövenpick in September 2018. Following the reclassification of Orbis’ real estate operations to assets held for sale in accordance with IFRS 5, this segment was mainly propelled by the Asia-Pacific region. Excluding Orbis, this division's hotel base consisted of 172 hotels and 31,792 rooms at September 30, 2019.
New Businesses (concierge services, luxury home rentals, private sales of hotel stays, and digital services for hotels) generated third-quarter revenue of €42 million, up 3.0% on a like-for-like basis and 3.3% as reported. D-Edge, Gekko, Very Chic and ResDiary continued to report double-digit revenue growth.