Accor Proves the Strength of its Business Model

The year had, however, gotten off to a good start. The first two months of 2026 were strong before the escalation of tensions surrounding Iran disrupted regional tourism in the Gulf. The United Arab Emirates, a key market for the group’s Lifestyle properties, was the first to be affected.

The group’s expansion shows no signs of slowing down. Accor opened 109 hotels during the first six months of the year, bringing its portfolio to 5,835 properties, representing nearly 882,000 rooms. Most importantly, its pipeline (all future opening projects) now exceeds 268,000 rooms across 1,595 hotels, up 11.4%. This portfolio of new properties alone represents nearly one-third of the current portfolio, providing the group with strong visibility into its future growth.

The Luxury & Lifestyle division saw its key metric, RevPAR (revenue per available room), decline by 1.4%. However, this figure masks a more nuanced reality: excluding the Middle East, the same metric rose by 9.4%, demonstrating that the weakness does not stem from a slowdown in global demand but rather from more localized events.

The contrast is even more striking between the division’s two business segments. The Luxury segment continues to post RevPAR growth (2.5% in the second quarter, 9.1% excluding the Middle East), proof that the high-end clientele remains resilient. The Lifestyle segment, on the other hand, fell by 11.3%, weighed down by its resorts, which have a strong presence in the United Arab Emirates. Here again, the regional impact is clear: excluding the Middle East, this segment is returning to growth of over 10%.

This strength is reflected in the half-year financial results. The Luxury & Lifestyle division reported revenue of 749 million euros, down slightly by 1.9% at constant exchange rates, while the group as a whole continues to grow.

At the same time, the group is improving the profitability of its network. The hotels now joining the portfolio are expected to generate nearly twice as much royalty revenue as those leaving it, a sign of more rigorous selection and a greater commitment to refocusing on the assets that create the most value.

This approach is part of a transformation that has been underway for several years. With the announced sale of its stake in Essendi (formerly AccorInvest, the company that holds the group’s real estate assets), Accor is gradually continuing its shift toward a fully “asset-light” model, based more on hotel management, franchising, and the strength of its brands than on real estate ownership.