French hospitality giant AccorHotels reported increased first half revenues and profits in a quarterly-trading update.
The firm reports revenue up 8.1% to €1,459 million while profitability (EBITDA) was up 4.2% to €291 million.
Business volumes hit €8.9 billion, up 10.3% at constant exchange rates, while net profit stood at €2,179 million following the sale of a stake in AccorInvest.
The firm set a full-year 2018 EBITDA target of between €690 million and €720 million.
AccorHotels said it benefited from solid business levels in most of its key markets in the first half of 2018.
The period saw the opening of 45,150 rooms (301 hotels), of which 19,757 came through organic growth and 25,393 via the acquisitions of Mantra and Mantis.
On June 30 the group had a portfolio of 652,939 rooms (4,530 hotels) and a pipeline of 167,000 rooms (959 hotels), of which 79% in emerging markets.
Sébastien Bazin, chairman and chief executive officer of AccorHotels, said: “The first half of 2018 saw AccorHotels continue the deep-seated transformation of its business model, with the sale of a majority stake in the capital of AccorInvest, the integration of Mantra in Australia and Mantis in South Africa, and the acquisition of Gekko in France.
“The second half of the year will see Mövenpick in Middle East, Atton in South America and sbe in the US join our network, enabling us to consolidate our market shares and the vast array of choices we offer our customers.
“The Group’s strong operating performance delivered solid results in first-half 2018 and record organic growth with the opening of 20,000 rooms over the period.
“Today, AccorHotels operates more than 4,500 hotels and 650,000 rooms around the world, the majority of which are located outside Europe.
“Underpinned by a reinforced pipeline, the Group’s strong prospects mean it is firmly on track to achieving its medium-term targets.”