Accor Group’s fourth-quarter revenue per available room, occupancy and average daily rates all increased year over year, while the hotel company also posted “record-high” full-year results with EBITDA above €1 billion.
Accor’s systemwide RevPAR (revenue per available room) for the quarter was €73, up 11.1 per cent year over year, but slightly below the €77 recorded in Q3. RevPAR for Accor’s Premium, Midscale & Economy group was €60, up 12.5 per cent, and RevPAR for its Luxury & Lifestyle group was €155, up 7.8 per cent.
In Q4, Accor’s systemwide ADR (average daily rate) was €111, up 6.7 per cent year over year. The group’s average occupancy in the quarter was 65.8 per cent, up 2.6 percentage points.
In Europe and North Africa, Q4 RevPAR increased 8 per cent year on year, but in France, which represents 43 per cent of the region’s room revenue, RevPAR growth stabilised, according to Accor.
In the UK, room revenue saw “solid and balanced growth”, while RevPAR in Germany showed continual improvement compared with previous quarters, but occupancy rates remained “significantly behind” pre-crisis levels.
The Middle East, Africa and Asia-Pacific region posted a 19 per cent increase in RevPAR compared with Q4 2022, benefiting from “a considerable rebound” in business in Asia. The group also noted continual price increases across the Middle East, with room revenue up 26 per cent, despite the ongoing conflict in Gaza.
Full-year RevPAR was €73, up 22.7 per cent year over year, while ADR levelled out at €110, up 11.8 per cent, and the overall occupancy rate increased 6 percentage points to 66 per cent.
The Group reported revenue of €5,056 million in 2023, up 18 per cent compared with 2022. This translated to a 17 per cent increase for the Premium, Midscale and Economy division and 22 per cent for the Luxury & Lifestyle division.
Consolidated EBITDA (earnings before interest, taxes, depreciation, and amortisation) came to €1,003 million, a “record high” for the group, which chairman and CEO Sébastien Bazin attributed to the “solid performance” of its teams.
“Over the past year, the group achieved growth in all segments and geographies, illustrating the strength of its asset light model, the efficiency of its organisation based on the two divisions… [and] the desirability of its brands, the strength of its distribution and loyalty tools, as well as its financial discipline,” he said.
Looking to the year ahead, he added: “While the geopolitical backdrop remains complex, 2024 is set to be rich in major international events which should continue to fuel growth and we start this new year with confidence.”
In 2023, Accor opened 291 hotels, corresponding to 41,000 rooms, and recently announced plans to open more than 80 new hotels in 2024, including several European brand debuts.