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Accor, the leading French hotel group, has published its first quarter 2023 revenues. The company, which is pleased with its excellent performance, has revised its targets upwards. According to the company, this performance is due in particular to the recovery of the activity in Asia.
Accor is off to a flying start in 2023. The French hotel giant unveiled on Thursday a 63% increase in revenues on a comparable basis (+54% at constant scope and exchange rates) to 1.14 billion euros in the first quarter of 2023, thanks to a strong rebound of its business in Asia. This has prompted the group, which owns brands such as Ibis, Sofitel, Novotel, Mercure and Pullman, to raise its targets for 2023.
“In the first quarter of 2023, Accor saw a further acceleration in business growth in all regions” with, in particular, a “strong rebound in Asia” as well as “good pricing and occupancy rates that are improving”, commented group CEO Sébastien Bazin.
The “premium, mid-range and economy” hotels division saw its revenues rise 61% to 681 million euros in the first three months of the year. Hotels in the “luxury & lifestyle” category grew by 68% to 477 million euros.
This good start to the year has enabled Accor to raise its targets for 2023. The group is now counting on “double-digit growth” in its RevPAR (revenue per room, a key indicator) compared with the “+5% to +9%” previously targeted, on a like-for-like basis, Bazin said.
In the first quarter, the group’s RevPAR (revenue per available room) rose 57% year-on-year, and 19% compared to the first three months of 2019, before the health crisis.
Business recovery in Asia
This increase in profitability at Accor’s properties “notably reflects the rebound of hotels in Asia following the lifting of the strict zero Covid policy in China at the end of 2022″, the group said.
But “all other regions are also contributing to maintaining a level of activity that is significantly higher than before the crisis”, it adds.
The hotel group opened 36 hotels during the first three months of the year, adding 4,400 rooms, for a net growth of 2.9% over the last twelve months.
However, the occupancy rate, although “significantly improved”, remains “slightly below the 2019 level.”
Present in 110 countries with some 230,000 employees, 5,445 hotels, around 10,000 restaurants and bars and more than 40 brands, Accor will hold its annual general meeting on May 17.
Read also >Kering starts the year worse than its competitors
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Accor, the leading French hotel group, has published its first quarter 2023 revenues. The company, which is pleased with its excellent performance, has revised its targets upwards. According to the company, this performance is due in particular to the recovery of the activity in Asia.
Accor is off to a flying start in 2023. The French hotel giant unveiled on Thursday a 63% increase in revenues on a comparable basis (+54% at constant scope and exchange rates) to 1.14 billion euros in the first quarter of 2023, thanks to a strong rebound of its business in Asia. This has prompted the group, which owns brands such as Ibis, Sofitel, Novotel, Mercure and Pullman, to raise its targets for 2023.
“In the first quarter of 2023, Accor saw a further acceleration in business growth in all regions” with, in particular, a “strong rebound in Asia” as well as “good pricing and occupancy rates that are improving”, commented group CEO Sébastien Bazin.
The “premium, mid-range and economy” hotels division saw its revenues rise 61% to 681 million euros in the first three months of the year. Hotels in the “luxury & lifestyle” category grew by 68% to 477 million euros.
This good start to the year has enabled Accor to raise its targets for 2023. The group is now counting on “double-digit growth” in its RevPAR (revenue per room, a key indicator) compared with the “+5% to +9%” previously targeted, on a like-for-like basis, Bazin said.
In the first quarter, the group’s RevPAR (revenue per available room) rose 57% year-on-year, and 19% compared to the first three months of 2019, before the health crisis.
Business recovery in Asia
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Accor, the leading French hotel group, has published its first quarter 2023 revenues. The company, which is pleased with its excellent performance, has revised its targets upwards. According to the company, this performance is due in particular to the recovery of the activity in Asia.
Accor is off to a flying start in 2023. The French hotel giant unveiled on Thursday a 63% increase in revenues on a comparable basis (+54% at constant scope and exchange rates) to 1.14 billion euros in the first quarter of 2023, thanks to a strong rebound of its business in Asia. This has prompted the group, which owns brands such as Ibis, Sofitel, Novotel, Mercure and Pullman, to raise its targets for 2023.
“In the first quarter of 2023, Accor saw a further acceleration in business growth in all regions” with, in particular, a “strong rebound in Asia” as well as “good pricing and occupancy rates that are improving”, commented group CEO Sébastien Bazin.
The “premium, mid-range and economy” hotels division saw its revenues rise 61% to 681 million euros in the first three months of the year. Hotels in the “luxury & lifestyle” category grew by 68% to 477 million euros.
This good start to the year has enabled Accor to raise its targets for 2023. The group is now counting on “double-digit growth” in its RevPAR (revenue per room, a key indicator) compared with the “+5% to +9%” previously targeted, on a like-for-like basis, Bazin said.
In the first quarter, the group’s RevPAR (revenue per available room) rose 57% year-on-year, and 19% compared to the first three months of 2019, before the health crisis.
Business recovery in Asia
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