Accor’s Q2 market activity at pre-pandemic levels

Hotel group Accor has published its half-year results, reporting a strong recovery in its number of business and leisure guests following Covid-19. The group reported that the increase in guests across its markets was most likely due to international borders reopening, which accelerated the return of international travellers. Q2’s activity was ‘close to, if not above’ 2019 levels in almost all markets, according to Accor. To demonstrate this, the group highlighted London and Paris, where revenue per available room (RevPAR) figures exceeded 2019 levels. The exceptions to Accor’s findings were China due to continuing travel restrictions, and South East Asia, which the group said was “highly dependent on Chinese visitors”. Revenue for Q1 was €1,725m ($1,769m), which was an increase of 97% on Q1 2021 – which resulted in an operating profit of €97m ($99m). Accor stated that it opened 85 properties in Q2 2022, which equated to 11,700 rooms and contributed a 1.8% net growth in the last year. The openings included Accor’s first property under its Georgia-based Pullman brand and its first M Gallery property in Hong Kong. Sébastien Bazin, chairman and CEO of Accor, said: “This quarter, Accor reported a very strong growth in business, exceeding pre-crisis levels for the first time.” “The summer will confirm these trends and the fall promises to be strong with the recovery of major seminars and conventions. At this stage, the Group should report strong growth in EBITDA, with a target of more than €550 million for the full-year 2022.”