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Accor has welcomed revenues of €1.7bn (£1.4bn) in its first half of trading, up 97% like-for-like compared with H1 2021, as business rebounded “significantly” in the period.
By activity, this growth broke down into a 119% increase for HotelServices and 57% for Hotel Assets and Other.
The latest results follow two years of major pandemic-related disruptions in the tourism and hospitality industry. In Q2 2022, activity recovered to levels close to, if not above, the 2019 levels in almost all of the group’s geographies.
According to Accor, the only “laggards” were China, which is impacted by travel restrictions as part of its strict enforcement of a zero-Covid policy, and South East Asia, which is highly dependent on Chinese visitors.
It said this rebound reflects both the recovery of the number of business and leisure domestic guests, and border reopenings which accelerated the return of international travellers. It was accompanied by a sharp increase in prices, driven by demand and emphasised by inflation.
During first-half 2022, Accor opened 85 hotels, representing 11,700 rooms, i.e., net system growth of 1.8% in the last 12 months. At end-June 2022, the Group had a hotel portfolio of 777,945 rooms (5,300 hotels) and a pipeline of 212,000 rooms (1,215 hotels).
For 2022, the group is confirming its forecast of net unit growth in the network of around 3.5%.
Sébastien Bazin, chairman and CEO of Accor, said: “Once again this quarter, Accor reported a very strong growth in business, exceeding pre-crisis levels for the first time. This marked rebound in all regions and for all of our brands.
“The summer will confirm these trends and the fall promises to be strong with the recovery of major seminars and conventions. Nevertheless, the Group remains attentive to the evolution of the geopolitical and economic environment. At this stage, the Group should report a strong growth in EBITDA, with a target of more than €550 million for the full-year 2022”.
