The group’s latest financial report for the third quarter of the year said that, on a like-for-like basis, revenue was up 3.4%. Growth was driven by “favourable” business activity in most of the group’s key markets, it said.
Revenue in northern, central and eastern Europe (NCEE) was up 4.8% on a like-for-like basis, while the Mediterranean, Middle East, Africa region (MMEA) saw growth of 10%.
Business within HotelInvest, the owner-and-investor part of the company, increased 2% like-for-like to €1.3bn (£959m), while HotelServices, the operator-and-brand franchiser arm of the company, recorded an 8.4% to €356m (£264m).
In the UK the company reported a strong improvement in business activity, up 6.3%. HotelInvest and HotelServices recorded like-for-like revenue growth of 5.6% and 10.9%, respectively. The group said this resulted from a stable demand at a very high level.
Occupancy stood at 87.9% for owned, leased and managed hotels over the quarter, average prices were up 5.3% and revenue per available room (RevPAR) increased by 5.1%.
Read full article at: HotelOwner