Accor is confident in its recovery after an 85% jump in revenues in the 1st quarter


PARIS (Agefi-Dow Jones)–The Accor hotel group expressed optimism on Thursday about the recovery of its activity as its revenues jumped in the first quarter, thanks to the reopening of borders and a rebound in demand from its customers. national.

During the quarter ended at the end of March, the owner of the Ibis, Mercure, Sofitel and Raffles chains achieved a turnover of 701 million euros, up 94% over one year in published data and 85% in comparable data.

The group benefited from “a sustainable rebound in domestic business and leisure customers” as well as the “reopening of borders” which favored a recovery in demand from international customers, said the chief financial officer of Accor, Jean-Jacques Morin, during a conference call. In addition, the hotel group was carried by “a sharp rise in prices, which are higher than those that were practiced in 2019”, continued the manager.

However, the group has still not returned to its level of activity before the health crisis. Compared to the first quarter of 2019, revenue was down 23% like-for-like.

Revenue per available room (RevPAR), a closely followed indicator, was down 25% compared to the first three months of 2019. Compared to the same period of 2021, however, RevPAR increased by 108%.

Regarding its outlook, Accor has confirmed that it wants to achieve net growth in its network of 3.5%, “with an acceleration in openings expected from the second quarter”.

“Based on current trends in bookings and price increases, the improvement in RevPAR will continue over the coming quarters,” the group also indicated. “We look to the future with a lot of confidence,” assured Jean-Jacques Morin.

“Domestic customer activity should return this year to 2019 levels,” the CFO also said. The international clientele, it, “will take more time” but “the dynamic is positive and going in the right direction”, added the leader.

-Julien Marion, Agefi-Dow Jones; +33 (0)1 41 27 47 94; [email protected] ed: LBO

ACCOR FINANCIAL RELEASES:

http://www.accor.com/fr/finance.html

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April 28, 2022 11:50 ET (15:50 GMT)



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