Paris, France – 22 July 2024: Accor has announced solid performances for the first half of 2024, in line with the medium-term outlook shared with investors. Chairman and CEO Sébastien Bazin highlighted the operational and financial discipline of the teams, the strong momentum across the group’s brands, and the strategic benefits of leading partnerships.
Performance Overview
Accor’s activity remained robust across all geographic areas and brands in the second quarter. This allowed the group to raise its RevPAR target for 2024, reflecting confidence in its growth and ambitions. The first half of 2024 saw Accor open 146 hotels, adding 24,000 rooms and achieving a net network growth of 4.1% over the past 12 months. By the end of June 2024, Accor’s portfolio included 838,722 rooms across 5,682 hotels, with a pipeline of 218,000 rooms in 1,297 hotels.
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RevPAR and Regional Highlights
- Premium, Mid-Range, and Economy (PM&E) Division: RevPAR increased by 4% compared to Q2 2023, driven by price rather than occupancy rates.
- Europe North Africa (ENA): RevPAR up by 1%. France saw a slight decrease due to a high comparable base, while the UK and Germany posted positive growth.
- Middle East, Africa & Asia Pacific: RevPAR grew by 7%, with the Middle East and Southeast Asia showing strong performance.
- Americas: Led by Brazil, which saw a 12% increase in RevPAR due to a solid event calendar.
- Luxury & Lifestyle (L&L) Division: RevPAR rose by 8%, with luxury brands up by 6% and lifestyle brands by 14%, driven by occupancy rates and pricing in resorts.
Financial Performance
For the first half of 2024, Accor recorded revenues of €2,677 million, an 11% increase compared to H1 2023. The PM&E division saw a 4% revenue rise, while the L&L division experienced a 22% increase, partly due to the acquisition of Potel & Chabot.
- Group EBITDA: Increased by 13% to €504 million, reflecting strong business performance and operational leverage.
- Net Profit: Attributable profit for the first half stood at €253 million, up from €248 million in H1 2023.
- Net Financial Debt: As of June 30, 2024, net financial debt was €2,934 million, up from €2,074 million at the end of 2023, primarily due to share buybacks and dividend payments.
Strategic Developments and Outlook
The upcoming Paris 2024 Olympic and Paralympic Games will see Accor, as an official partner, play a crucial role in hosting athletes and visitors. This period is expected to further enhance Accor’s brand visibility and growth prospects.
For the full year 2024, Accor forecasts:
- RevPAR growth between 4% and 5%
- Network growth of 3% to 4%
- EBITDA between €1,095 million and €1,125 million
Accor maintains its medium-term outlook, projecting annual RevPAR growth of 3% to 4% and network growth of 3% to 5% (CAGR 2023-27).
Key Events and Transactions
- Accor Vacation Club Sale: Sold to Travel + Leisure for €47 million.
- IDeaS Partnership: For advanced revenue management solutions.
- Rikas Takeover: Accor’s Ennismore acquired a 51% stake in Dubai-based luxury restaurant management company.
- Share Buyback: Completed a €400 million share buyback program.
- Dividends: Distributed €286 million in dividends.
Future Prospects
Accor’s strong first half performance and strategic initiatives, including the integration of Our Habitas into Ennismore, and partnerships like that with LVMH for the Orient Express, position it well for continued growth. The group’s diversified portfolio and global reach ensure resilience and adaptability in the evolving hospitality landscape.
For further details, the consolidated financial statements and notes are available at group.accor.com.
About Accor
Accor is a global hospitality leader, offering a diverse range of experiences in over 110 countries with 5,700 hotels and 10,000 restaurants and bars. Founded in 1967, Accor is committed to responsible tourism, sustainable development, and community engagement. Accor SA is listed on Euronext Paris and the OTC market in the US.
For more information, visit group.accor.com or follow Accor on social media platforms.
Source: Solid First Half of 2024: Strong Performance Aligned with Growth Objectives
