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Wed 21 Feb 2018 11:54 AM

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AccorHotels says profits up 66% in 2017

The group said it opened 301 hotels last year with a total 51,413 rooms

AccorHotels says profits up 66% in 2017

French hotel chain AccorHotels said Wednesday that its profit jumped last year, "driven by robust business and a very dynamic development."

"The group has never been so strong," boasted chief executive Sebastien Bazin.

"AccorHotels' earnings for 2017 mark another leap in performance, with excellent operating results and record development," Bazin said. "The group continues to benefit from positive market trends with a confirmed increase in volumes."

AccorHotels, which is Europe's biggest hotel group and includes Sofitel, Novotel, Mercure and Ibis, said in a statement that its net profit jumped by 66 percent to 441 million euros ($545 million) in 2017.

Underlying or operating profit grew by 24 percent to 492 million euros on a 17.7-percent increase in revenues to 1.94 billion euros, the statement said.

The group said it opened 301 hotels last year with a total 51,413 rooms, bringing its overall hotel portfolio to 4,283 hotels and 616,181 rooms.

"Against this buoyant backdrop, AccorHotels continues to pursue its dynamic trajectory, consolidate its market share and enrich its range of services for customers and partners," CEO Bazin said.

He did not provide any guidance for the current year.

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