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Accor has revealed that for the first quarter of 2023, like-for-like revenues increased by 54% to reach €1.1bn (£0.9m), as RevPAR shot up 57% compared with the same period last year.
The group has attributed its performance in Q1 to the rebound of hotels in Asia following the lifting of strict zero-Covid policy in China in late 2022. All the other regions also contributed to maintaining business activity at a substantially higher level than before the pandemic.
As a result, the hotel group has increased its RevPAR guidance for the year, as it accelerated by 19% compared to pre-pandemic results.
However, the underlying dynamics observed in previous quarters remain in place, with average prices still high and sequentially improving occupancy rate but still slightly lower than in 2019.
In the first quarter, Accor opened 36 hotels, totalling approximately 4,400 rooms. This achieved the group a net worth growth of 2.9% in the last 12 months.
By the end of March 2023, the group had a hotel portfolio of 800,321 rooms in 5,444 hotels and a pipeline of around 214,000 rooms across 1,241 hotels.
Sébastien Bazin, chairman and CEO of Accor, said: “In first-quarter 2023, Accor once again stepped-up business growth across all regions and in its two divisions: premium, midscale and economy; and luxury and lifestyle. These excellent performances were driven in particular by the strong rebound in Asia, good price levels, and increased occupancy rates.
“They reflect the attractiveness of our brands, the commitment of our teams, and an ever-greater desire for travel and adventure on the part of our guests. Given this highly positive start of the year, we have revised our 2023 guidance upwards, with double-digit RevPAR growth versus 2022.”
