Accor Q3 revenues jump 13% to €1.28bn

Accor has revealed its like-for-like revenues increased 13% to €1.28bn (£1.11bn) during the third quarter of the year.

The growth was attributed to a 13% increase for the Premium, Midscale and Economy Division and 17% for the Luxury and Lifestyle Division. 

It said hotel demand remained very strong throughout Q3 with RevPAR up 15% compared with prior year despite a very high comparable basis (RevPAR in Q3 2022 was up 14%  compared with Q3 2019). 

Accor said the underlying dynamics observed in previous quarters remained constant, with average  price still high and a marked improvement in the occupancy rate which slightly lags the  level of 2019. 

All regions and segments contributed through solid operating performances, even if the  first signs of normalisation of activity growth are materialising after several quarters of  intense recovery.  

In third-quarter 2023, Accor opened 73 hotels, for around 9,200 rooms, and achieved net unit growth of 3% over the last 12 months. At end-September 2023, the group had a hotel portfolio of 812,425 rooms (5,537 hotels) and a pipeline of around  219,000 rooms (1,273 hotels). 

For 2023, the group has confirmed its forecast of net unit growth in the network between  2% and 3%. 

Sébastien Bazin, chairman and CEO of Accor, said:  “The group’s strong performance during the quarter illustrates once again the strength  of business momentum in all of our markets, notably in Asia, and for the brands in our  two segments: Premium, Midscale and Economy, on the one hand, and Luxury and  Lifestyle on the other. 

“For Accor, this is the 6th consecutive quarter of growth since the  return to post-pandemic business levels. These positive trends and our strict financial  and operational discipline enable us, once again, to raise our RevPAR and EBITDA  guidance for the year.”