Accor profits up in ‘sustainable rebound’ from Covid crisis

Accor has echoed rival InterContintental Hotels Group in reporting a rebound from the pandemic on the back of a resurgence in travel.

The performance of the French hospitality group’s hotels over the second half of the 2022 surpassed pre-crisis levels in almost all the regions it operates in. 

“After two years severely impacted by the health crisis, the fiscal-year 2022 posted a solid and sustainable rebound in group’s activity,” Accor said. “The performance of hotels over the second half of the year surpasses pre-crisis levels in almost all our regions.”

Only Asia, a region impacted by China’s strict zero-Covid policy until recently, is still “significantly below” 2019 levels of activity. 

“Worldwide, our recovery was primarily driven by domestic guests, with levels exceeding those of 2019. Whereas international travellers, even whose number grows sharply, failed to return to the level of 2019,” Accor added.

The group, which opened 299 hotels last year, reported 2022 earnings [ebitda] of €675 million against €22 million in 2021 as revenues rose by 80% year-on-year to €4.2 billion.

Chairman and chief executive Ssbastien Bazin 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 effectively. 

These strengths combined with the genuine culture of the group, placing people and talents in the heart of its model, give meaning to our action. 

“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 of our hotel owners and customers.” 

Holiday Inn parent IHG reported strong leisure travel demand with revenue per available room (revpar) last year close to pre-pandemic levels.

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