International hotel and hospitality group Accor – which owns brands such as Ibis and Sofitel – has reported a 12% year-on-year increase in group revenue for the third quarter of the year, to €1.43bn.
Accor now expects earnings for 2024 to be between €1.1bn and €1.12bn.
Revenue per available room (RevPAR) – a key growth metric for the hotel industry – was up 5.3% on the corresponding period last year; while the group’s development pipeline was 6% up on last year.Sébastien Bazin, Chairman and CEO of Accor, said: “Once again this quarter, the Group posted solid sales growth, in line with its targets. This good performance was driven in particular by the dynamism of our Luxury & Lifestyle brands, sustained growth in high-potential regions and the positive impact in France of the Olympic Games, for which Accor was one of the Premium partners. By continuing to combine operational agility, quality of execution and financial discipline, we are convinced of our ability to consolidate the solidity of our business model over the long term and deliver significant growth in our results in 2024.”
