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AccorHotels' 2017 net profit surges 66.4% YOY

AccorHotels' full-year 2017 net profit amounted to €441.0 million, an increase of 66.4% from €265.0 million in the prior-year period.

EBIT totaled €492.0 million compared to €397.0 million in the prior-year period, reflecting a 23.9% increase. On a like-for-like basis, EBIT increased 10.1%.

The company expected a full-year 2017 EBIT of between €460 million and €480 million.

Funds from operations for the French hotel company increased 43% year over year to €559 million from €391 million in 2016. Consolidated revenue for the period totaled €1.94 billion, an increase of 17.7% from €1.65 billion in 2016.

The company will propose a dividend of €1.05 per share at its general meeting April 20.

It opened 264 new hotels in 2017 with more than 40,802 rooms. AccorHotels' pipeline comprises 874 hotels with 161,000 rooms, of which 78% are in emerging markets and 47% are in Asia-Pacific.

The company's takeover of Australian hospitality company Mantra Group Ltd., which was originally scheduled to wrap up in March, has been pushed to the final quarter of the financial year. The A$1.18 billion deal was signed in October 2017.