Accor Q1 LFL revenues surge 85% to €701m
During the first quarter of 2022, Accor opened 26 hotels, representing about 3,700 rooms, for net growth in the network of 2.5% over the twelve-month period
French hospitality giant Accor has revealed its Q1 revenues surged 85% to €701m (£589.6m) as its performance was boosted by a strong return of domestic travel.
By activity, Accor said the performance was driven by a 105% increase for HotelServices – including hotel management fees, to €507m (££425.9m) and 52% for Hotel Assets and Other. It added this segment, which is closely linked to business in Australia, notably benefited from a pick-up in leisure tourism demand on the northeastern coast of the country.
In the UK, RevPAR was down 15% compared with Q1 2019. Similar to France, it said the recovery was driven by regional cities, which were “almost back to their 2019 activity levels”. It said the performance gap with London also started to close due to the pick-up in international visitors.
During the first quarter of 2022, Accor opened 26 hotels, representing about 3,700 rooms, for net growth in the network of 2.5% over the twelve-month period. At the end March 2022, the group confirmed it had a portfolio of 777,849 rooms (5,304 hotels) and a pipeline of about 212,000 rooms (1,212 hotels).
Sébastien Bazin, chairman and CEO of Accor, said: “Accor’s performance in the first quarter of 2022 confirms the clear upturn in business across all regions and the renewed momentum in tourism, food services and entertainment. These results are notably driven by our market dynamics in Europe, the Middle East and the Americas as well as the strong demand for our Luxury and Lifestyle hotels, and domestic travel.
“Such underlying trends, combined with borders reopening give us confidence that our performance will continue to improve month after month, with prices already above 2019 level. Our brands are attractive, ideally positioned, and the augmented hospitality ecosystem we have built over the past years is attracting an increasing number of guests and owners.”
He added: “In the coming months, we will continue to focus our efforts on accelerating the development of our network, promoting our brands as well as attracting and retaining more and more customers.”