Accor revenues surge 80% to €4.2bn

Accor has announced an 80% like-for-like increase in revenues, up to €4.2bn (£3.7bn), for the 12 months ended December 2022.

Its revenue increased 92% when compared with 2021 although that year was heavily affected by the pandemic.

Its hotel services, which includes fees from management and franchise and services to owners, generated €3.2bn (£2.8bn) in revenue, up 89% like-for-like versus 2021 and up 5% compared with 2019.

The company’s RevPAR saw a global increase of 15% during Q4 2022 compared with the same period in 2019, improving on a good Q3 performance.

Southern Europe, driven by France, reported a 12% increase in Q4 RevPAR compared with the same period in 2019, while Northern Europe posted a 5% increase for the same period.

Accor stated that its FY23 RevPAR is expected to increase between 5% and 9% on a like-for-like basis compared to FY 2022.

Sébastien Bazin, chairman and CEO, said: “Tourism recovered substantially in 2022 and our performances, up strongly in all regions, reflected that rebound. We exceeded our financial and non-financial targets and can look to the future with serenity. Our brands are attractive, our distribution is powerful, our teams are talented and motivated, and our organisation has been adapted to capture future growth even more effectively.

“These strengths combined with the genuine culture of the Group, placing people and talents in the heart of its model, give meaning to our action. In 2023, our ambition is to keep our growth and reinforce our leadership by continuing to evolve the codes of the hospitality industry and remain the chosen partner of our hotel owners and customers.”