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Accor reports strong rebound in activity with Q2 above 2019 level

Posted : 28 July 2022 09:54:55 | By TWO Bureau | GNN Bureau

Accor reports strong rebound in activity with Q2 above 2019 level

Hotel giant Accor has reported “very strong” rebound in activity for its second quarter, with revenue per available room exceeding 2019 levels in several markets, including key destinations across Europe.

Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said: “Once again this quarter, Accor reported a very strong growth in business, exceeding pre-crisis levels for the first time. This is a marked rebound in all regions and for all of our brands. The summer will confirm these trends and the fall promises to be strong with the recovery of major seminars and conventions. Nevertheless, the Group remains attentive to the evolution of the geopolitical and economic environment. At this stage, the Group should report a strong growth in EBITDA, with a target of more than €550 million for the full-year 2022.” 

The Group’s business rebounded significantly in H1 2022 after two years of major pandemic-related disruptions in the tourism and hospitality industry. In Q2 2022, activity recovered to levels close to, if not above, the 2019 levels in almost all of our geographies. The only laggards were China, which is impacted by travel restrictions as part of its strict enforcement of a “zero - Covid” policy, and South East Asia, which is highly dependent on Chinese visitors.

This rebound reflects both the recovery of the number of business and leisure domestic guests, and border re-openings which accelerated the return of international travellers. It was accompanied by a sharp increase in prices, driven by demand and emphasized by inflation.

During first-half 2022, Accor opened 85 hotels, representing 11,700 rooms, i.e., net system growth of 1.8% in the last 12 months. At end-June 2022, the Group had a hotel portfolio of 777,945 rooms (5,300 hotels) and a pipeline of 212,000 rooms (1,215 hotels).

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Tags : #Accor, #Sebastien_Bazin, #Chief_Executive_Officer, #EBITDA

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