Europe’s largest hotelier Accor announced a 19% increase in its business to a value of €17.9 billion in full-year results for 2017 a 17.7% increase in revenue to almost €1.94 billion.

Accor revenue rose 7.7% on a like-for-like basis and operating profits increased 8.1% to €626 million or by 24% year on year, with net profits up 66% to €441 million.

Chief executive Sebastian Bazin hailed “another leap in performance, with excellent operating results and record development”, saying: “The group continues to benefit from positive market trends.”

However, he reported Accor has yet to complete a €6.6-billion restructure of its business.

Bazin previously split Accor into two divisions – a hotel operating and franchising arm, Hotel Services, and a real estate ownership and property business, HotelInvest.

The latter was restructured to allow third-party investment and rebranded as AccorInvest in May last year, with Accor intending to complete the transformation seven months ago.

Bazin said: “Discussions are ongoing with tier one French and international investors [and] are now in their final stages.”

He said the French-based group had benefited from the continued growth in leisure spending in China and elsewhere in Asia and the return of tourists to European markets such as Paris following terror attacks in 2016.

Accor reported revenue per available per room (RevPAR) increased by 7.2% in Europe and by more than 7.7% in Asia.

The only region of the world to show a fall in RevPAR was South America, down by 3.4% because of the situation in Brazil.

Accor is Europe’s biggest hotelier by room numbers, with 4.200 hotels. Its brands include Sofitel, Raffles, Fairmont, Pullman, Swissotel, Novotel, Mercure, Ibis and Onefinestay.

The group opened 301 hotels and 51,400 rooms in 2017.