AccorHotels Raises Earnings Guidance After Sales Uplift
AccorHotels HAS made a slight upward revision to its full-year profit guidance in the wake of reporting higher third-quarter sales.
The group, which runs high-end chains including Raffles and Sofitel as well as budget brands such as Ibis, said third-quarter sales rose 22.3% year on year to €1.033 billion.
Accor said it is now forecasting 2018 operating profit between €700 million and €720 million euros, up slightly from a previous target of €690 million to €720 million.
"Strong Operating Momentum"
"Despite contrasting conditions across our geographies, this strong operating momentum enables us to narrow our EBITDA target to the upper range of the guidance announced in July," said Chairman and CEO Sebastien Bazin.
Europe and Asia Pacific showed the strongest increases in terms of revenue per room, the company said. France was also a strong spot, helped by this year's Ryder Cup golf tournament held at Le Golf National near Paris.
In February AccorHotels agreed to sell 55% of its AccorInvest property business to sovereign and institutional investors for €4.4 billion, saying it would use part of the cash to fund acquisitions.
Deals this year have included Accor taking a 50% stake in US hospitality mogul Sam Nazarian's upmarket SBE Entertainment Group and the acquisition of Chile's Atton Hoteles.