Accor has reported “a very strong rebound” in the first half of 2022, thanks to the relaxation of Covid restrictions around the world.

The hotel group reported revenue of €1.7 billion, up 97% like-for-like compared with the first half of 2021. Net profit was €32 million, compared with €67 million in H1 2021.

Sébastien Bazin, chairman and chief executive, said the rebound was seen in all regions and for all brands.

“Once again this quarter, Accor reported a very strong growth in business, exceeding pre-crisis levels for the first time,” he commented.

“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.”

It said activity recovered to levels close to, if not above, the 2019 levels in almost all of its geographies.

“The only laggards were China, which is impacted by travel restrictions as part of its strict enforcement of a ‘zero-Covid’ policy, and southeast Asia, which is highly dependent on Chinese visitors,” it explained.

The rebound reflected the recovery of business and leisure numbers, and border reopenings – and was accompanied by “a sharp increase in prices, driven by demand and emphasised by inflation”.

In London and UK regions, revenue per available room (revpar) recovered to levels above those of Q2 2019.

Earlier this month, the group said it will create two dedicated divisions, which take effect from October 1.

The Economy, Midscale & Premium division will feature its brands such as ibis, Novotel, Mercure, Swissôtel, Mövenpick and Pullman.

The Luxury & Lifestyle Division will bring together Accor’s luxury brands as well as the group’s Ennismore collection of brands.