Accor profits rise as it bounces back from pandemic

24 February 2023 by
Accor profits rise as it bounces back from pandemic

Accor has reported a rebound in its performance in 2022 as the return of international and domestic travel saw it bounce back from the pandemic.

The global hotel giant, which owns the Raffles, Fairmont and Mercure brands and a controlling stake in Ennismore, saw net profit hit €402m last year, up from €85m in 2021.

Revenue almost doubled to €4.2b, while earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at €675m, up from €22m in 2021.

Accor said it expected group revpar in 2023 to increase between 5% and 9% on a like-for-like basis.

It said UK revpar in Q4 remained solid and increased from the previous quarter, with London and the provinces achieving comparable performance despite transport strikes.

Sebastian Bazin, chairman and chief executive officer of Accor 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 efficiently.

"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 for our hotel owners and customers."

In 2022 Accor opened 299 hotels, corresponding to 43,000 rooms, a net growth of 3.2%.

Accor is one of the world's largest hospitality companies with more than 5,400 properties and 10,000 food and beverage venues in more than 110 countries.

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