'Sound' Middle East performance aids Accor in 2014
Total revenues hit 5.4 billion euros in 2014, up 3.8% on a like-for-like basis
Accor has reported solid revenue growth around the world in 2014, highlighting its “particularly sound” performance in the Middle East in the fourth quarter.
The company has reported total revenues of €5.4 billion (US $6.3 billion) in 2014, up 3.8% on a like-for-like basis. Within HotelServices, its hotel operator and brand franchiser unit, revenues were up 5.5% to €1.2 billion ($1.4 billion), while in HotelInvest, its owner and investor unit, revenues were up 3% to €4.8 billion ($5.6 billion).
In the Mediterranean, Middle East and Africa region, HotelInvest revenues were up 8.5% to €408 million ($473 million), with HotelServices revenues rising 8.2% to €119 million ($138 million).
Accor chairman and CEO Sébastien Bazin, said: “Accor's growth in 2014 is even more remarkable in light of the mixed economic environment during the year and the fact that a major transformation was underway within the Group.
“The solid performance reflects the commitment of our teams, the strength of our brands, the trust we have built up with our guests and partners, and the vitality of our development.
“Thanks to the rigorous implementation of our new strategy and the faster pace of growth in the fourth quarter, we are raising our EBIT target to around €600 million [$696 million].”
In the fourth-quarter, HotelServices’ revenue rose 8% year-on-year, with Accor noting a “particularly sound 8.8% increase in the Middle East”. Other bright spots included the Americas (18.3%) and France (6.7%).