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Accor raises outlook again after another strong post-pandemic summer

-Europe s biggest hotel group Accor on Thursday raised its core profit targets for 2023 for the second time this year, citing the strength of business momentum in all its markets after another strong. -October 26, 2023 at 12:24 pm EDT - MarketScreener

Accor Now Expects Its 2023 Hotel Performance to Exceed Forecasts

Accor is having a happy, "Emily in Paris" kind of year. High-spending Americans thronged Europe this summer, helping the hotel giant beat expectations for revenue and profit.

Accor Now Expects Its 2023 Hotel Performance to Exceed Forecasts

Accor Now Expects Its 2023 Hotel Performance to Exceed Forecasts
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Solid activity growth Raised full-year guidance

Business trends in Q2 2023 were solid in the Group s two divisions. Hotel demand from both leisure and business guests remained buoyant. This was shown by the improvement in occupancy rates and a sustained increase in average room rates.These results enable the Group to raise its full-year EBITDA guidance presented at the Capital Markets Day on June 27th, 2023.During first-half 2023, Accor opened 114 hotels, representing 14,500 rooms, i.e. net unit growth of 3.5% in the last 12 months. At end-June 2023, the Group had a hotel portfolio of 805,436 rooms (5,487 hotels) and a pipeline of 217,000 rooms (1,262 hotels).

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