REVPAR UP 15% COMPARED WITH Q3 2022
UPGRADED REVPAR GROWTH GUIDANCE FOR 2023
EBITDA EXPECTED TO IMPROVE AT BETWEEN €955 MILLION AND €985 MILLION
Sébastien Bazin, Chairman and Chief Executive Officer 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.”
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).
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 normalization of activity growth are materializing after several quarters of intense recovery.
In third-quarter 2023, Accor opened 73 hotels, for around 9,200 rooms, and has thus 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 is confirming its forecast of net unit growth in the network between 2% and 3%.
The Group reported third-quarter 2023 revenue of €1,286 million, up 13% like-for-like (LFL) versus Q3 2022. This growth breaks down into a 13% increase for the Premium, Midscale and Economy Division and 17% for the Luxury & Lifestyle Division.
Changes in the scope of consolidation, mainly due to the consolidation of Paris Society in the Luxury & Lifestyle Division (Hotel Assets & Other segment), contributed positively by €85 million.
Currency effects had a negative impact of €98 million, stemming mainly from the Australian Dollar (-11%), the US dollar (-7%) and the Turkish Lira (-38%).