French hotel giant Accor saw like-for-like earnings rise by 11.7% to €602 million in 2014.
Pre-tax operating profit rose by up 22.1% to €578 million with net profit up by 77% to €223 million.
Accor recorded “very satisfactory” growth in most of its markets, but France was down 2.9% and the Americas region was down 3.6%.
The full-year results reflected strong momentum in key markets and a new strategy for the group with a complete re-organisation including the launch of a €225 million digital plan and the stepping up of development in China.
Chariman and chief executive Sébastien Bazin said: “The in-depth transformation being carried out by Accor started to pay off in 2014, with the group posting excellent results in both its businesses – HotelServices and HotelInvest – and strengthening its leadership position.
“In 2015, the economic environment is expected to continue to vary significantly from one region to another.
“In addition, along with the rest of the industry, we must meet the challenges created by the digital transition, which is spurring us to rethink our businesses, strengthen our ties with our customers whose needs and habits are changing, and adjust our corporate culture and operating procedures.
“Accor is a robust company with strong brands, dedicated teams and clearly defined objectives.
“This year, we will demonstrate once again our capacity to deliver on our objectives with determination and discipline – driving further progress in our strategy and our operating and financial performance and becoming the best performing and most highly valued hotel group for our guests, our partners, our employees and our shareholders.”
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