AccorHotels made several major announcements during its first half 2018 business review.

First half 2018 results

AccorHotels' business was very busy in the first half of 2018. The latter included the sale of a majority stake in AccorInvest, the integration of Mantra in Australia, Mantis in South Africa and Gekko in France.

Mövenpick in the Middle East, Atton in South America and sbe in the United States will join AccorHotels’ network next semester.

During the first half of 2018, the hotel group developed 301 hotels (45,150 rooms including 19,757 rooms trough organic growth). HotelServices' RevPAR increased by +5.1% overall, supported by all segments: Economy (+5.2), Midscale (+5.4%) and Luxury/High Range (+4.6%).

Consolidated revenue amounted to €1.46 billion, up 8.0% like-for-like and 3.0% as reported compared to June 30, 2017.

Reported revenue for the period reflects:

- Changes in the scope of consolidation (acquisitions and disposals) and the positive contribution of €42 million (+3.0%) linked to the acquisitions of VeryChic, Availpro, Mantra, Mantis, Gekko, ResDiary and Adoria.  

- Currency effects and the negative impact of €113 million (8%) primarily linked to the US dollar (-€63.2 million), the Australian dollar (-€17.6 million), the Brazilian real (-€15.3 million) and the Turkish lira (-€4.1 million).

Consolidated EBITDA amounted to €291 million at June 30, 2018, up 4.2% like-for-like and down 3.2% on a reported basis compared to June 30, 2017, with a negative currency impact of €19 million.

HotelServices EBITDA amounted to €312 million, up 6.7% like-for-like and +0.5% on a reported basis compared to June 30, 2017.

The group's net profit amounted to nearly €2.18 billion following the sale of a stake in AccorInvest, against 87 million a year earlier.

AccorHotels will not acquire a stake in Air France-KLM

In early June 2018, AccorHotels stated that it was considering the establishment of an alliance with Air France-KLM and the possibility of buying all or part of the State's 14.3% stake in the airline.

In a press release, the hotel group considers that the necessary conditions "have not been met at this stage" and decides "not to further pursue this opportunity". However, AccorHotels states that it is "convinced that a strengthened partnership between hotel companies and airlines offers significant value creation potential".

AccorInvest - Acquisition of an additional tranche by Colony NorthStar

A few weeks ago, AccorHotels decided to sell 57.8% of AccorInvest's capital to the following sovereign wealth funds Public Investment Fund (PIF) and GIC, and institutional investors Colony NorthStar, Crédit Agricole Assurances and Amundi, as well as other private investors.

American investor Colony NorthStar has, however, made a firm offer to acquire an additional 7% of AccorInvest's capital, for 250 million euros.

"After completion of this transaction which is subject to AccorInvest Board of Directors’ approval, AccorHotels will retain a 35.2% stake in AccorInvest’s share capital," said the hotel group.