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Accor has revealed that the group recorded revenues of €1.4bn (£1.1bn) during its third quarter, up 12% YOY.
This growth breaks down as a 7% increase for the Premium, Midscale and Economy division and an 18% increase for the Luxury and Lifestyle division.
On a RevPar basis, the hotel giant was up 5.3% compared with the previous year , with its Luxury and Lifestyle (L&L) experiencing the biggest improvement, up 7% compared with the third quarter of 2023, mainly driven by higher occupancy rate.
During the period, Accor opened 47 hotels, representing 8,000 rooms, i.e. net unit growth of 3.2% over the last 12 months. At the end of September 2024, the group had a hotel portfolio of 838,826 rooms (5,638 hotels) and a pipeline of 231,000 rooms (1,380 hotels).
Looking ahead, Accor said it confirms its FY guidance of RevPAR growth between 4% and 5%, Net unit growth (NUG) between 3% and 4% and positive contribution to EBITDA from Services to Owners.
It added that it now expects Group EBITDA between €1.1bn (£916m) and €1.12bn (£937m).
Sébastien Bazin, Chairman and CEO of Accor, said: “Once again this quarter, the group posted solid sales growth, in line with its targets. This good performance was driven in particular by the dynamism of our Luxury and Lifestyle brands, sustained growth in high-potential regions and the positive impact in France of the Olympic Games, for which Accor was one of the Premium partners.
“By continuing to combine operational agility, quality of execution and financial discipline, we are convinced of our ability to consolidate the solidity of our business model over the long term and deliver significant growth in our results in 2024.”
