April 18, 2018 / 3:50 PM / in a year

AccorHotels Q1 revenue rises, Brazil improving

PARIS, April 18 (Reuters) - AccorHotels, Europe’s biggest hotel group, on Wednesday reported a 9.5 percent rise in first quarter revenue on a like-for-like basis, driven by robust business in Europe and Asia while growth resumed in Brazil.

The French company, with more than 4,000 hotels ranging from luxury Sofitels to the budget Ibis brand, said first-quarter revenue reached 633 million euros ($783.65 million).

This was a 9.5 percent like-for-like increase, stripping out acquisitions and currency effects.

AccorHotels has been cutting costs, expanding in the luxury end of the market and investing in new areas such as concierge services to boost growth and fight the rising challenges posed by companies such as Airbnb and online travel agents.

Last month, the company agreed to sell 55 percent of its AccorInvest property business to a group of sovereign and institutional investors.

AccorHotels confirmed the deal was expected to close before the end of the second quarter. ($1 = 0.8078 euros) (Reporting by Dominique Vidalon ; Editing by Matthias Blamont)

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