Accor, which operates brands as diverse as Ibis, Raffles and Swissotel, reported net profit of €441 million, an increase of 66.4%. Revenue grew almost 8% on a like for like basis to €1.94 billion.

Sebastien Bazin, chairman and chief executive of AccorHotels, said the group had “never been so strong”.

During the year, 301 hotels were opened, bringing 51,413 rooms into the portfolio. They included 10,000 rooms operated under management and franchise contracts for BHG and Rixos Hotels, in which it invested in March last year.

The group ended 2017 with a portfolio of 616,181 rooms in 4,283 hotels and a pipeline of 161,000 rooms in 874 properties, 78% in emerging markets and 47% in Asia-Pacific.

Other highlights of 2017 included the 50% acquisition of Orient Express in partnership with SNCF, with plans to develop a new luxury brand. Accor also purchased 40% of Potel & Chabot Group, a French reception planning specialist and the 100% purchase of Australia’s second largest hotel operator Mantra Group, with 127 hotels.