Accor Group reported strong first-quarter systemwide rate growth attributed to the company “once again” seeing growing demand across all regions and increased momentum in the Asia-Pacific region, company executives reported Thursday.
In Asia-Pacific alone, Accor reported revenue per available room at €56.80, up 77 percent year over year. Accor also reported a 107 percent year-over-year increase in revenue for the region.
Accor CEO and chairman Sébastien Bazin highlighted the company’s focus on the premium, midscale and economy tiers.
“These excellent performances were driven in particular by the strong rebound in Asia, good price levels, and increased occupancy rates,” Bazin said. “Given this highly positive start of the year, we have revised our 2023 guidance upwards, with double-digit [revenue per available room] growth versus 2022.”
Additional Q1 Results
Accor’s Q1 systemwide RevPAR was €64, up 57 percent year over year and up 19 percent over 2019 benchmarks. The company’s average daily rate reached €106, up 22 percent from 2022. Accor’s systemwide occupancy was 60.3 percent, up 13.6 percent year over year while still lagging pre-pandemic levels by 5 percent.
As for property growth, Accor has primarily premium, midscale and economy properties in development with 996 hotels and 164,000 rooms in the pipeline. In Q1, the company reported a total of 5,444 hotels and more than 800,300 rooms in its network—of which 4,937 hotels and 689,000 rooms are within the premium, midscale and economy sectors.
Accor reported Q1 revenue of €1.13 billion, up 54 percent year over year.
Gerow Named CFO
Accor earlier this month named former American Express Global Business Travel executive Martine Gerow CFO. Gerow, the travel management company’s former CFO, replaces Jean-Jacques Morin, who remains Accor Group deputy CEO and CEO of the Premium, Midscale & Economy division.
