Travel & Gastronomy

Strong growth for Accor in Q1 2023

Eva Morletto

By Eva Morletto28 avril 2023

Accor, the global hotel giant, just published its figures for the first quarter of 2023. The growth is strong and confirms the recovery of tourism; the group's turnover is up by +54%.

The luxury segment of the Accor group is growing strongly. Here, the Sofitel Mautitius L'Impérial Resort (Sofitel)

The group, the flagship of the French hotel industry, has posted a turnover of 1.14 billion euros, up +54% for the first three months of 2023, a year that looks particularly promising.

Taking this into account and considering the bookings for the next few months, Accor's RevPAR (Revenue per available room: a key measure of hotel group performance), is expected to rise by double digits this year, between +10% and +20%, compared to forecasts of +5% to +9%.

Sébastien Bazin, Chairman and CEO of the group, expressed his satisfaction to the press: "In the first quarter of 2023, Accor saw a further acceleration in business growth in all regions and for its two divisions, Premium, Midscale and Economy on one hand and Luxury & Lifestyle on the other."

In the latter division, the performance is even more remarkable: +68%, which corresponds to a sales figure of 477 million euros for hotels in the entire "luxury & lifestyle" category.

These results are linked to several factors: the strong rebound in Asia, following the easing of anti-Covid sanitary measures in China, revenge travel, linked to the desire of customers to travel again, after two years marked by repeated confinements, despite the rise in interest rates and inflation. Accor has also been able to diversify its offer by exploring the world of boutique hotels and by increasing acquisitions and partnerships in this sector.

While the Sofitel and MGallery brands now represent the Accor group's luxury range, the strategy is also to focus on smaller hotel collections, brought together in the Handwritten Collection.

An Investor Day is scheduled for 27 June to provide further details on the group's strategy for the new divisions and the expected financial outlook.

Accor operates in 110 countries and comprises 5,445 hotels - of which 299 were opened last year - and around 10,000 restaurants.

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