By Angela Green: Accor creates €1 billion EBITDA for the first time in its history.
RevPAR UP 23% LFL
REVENUE UP 20% TO €5,056 MILLION
EBITDA UP 49% TO €1,003 MILLION
NET PROFIT GROUP SHARE UP 57% AT €633 MILLION
Driven by resolutely solid demand in 2023, Accor was able to set new records in terms of operating and financial performances. All regions and segments enjoyed strong growth after a year in 2022 marked by the post-Covid pandemic recovery.
All performance indicators were in line or exceeded Group guidance in 2023.
This solid performance and the Group’s confidence in continued business growth enabled the Group to return a total of €676 million to its shareholders during the year.
In 2023, Accor opened 291 hotels, corresponding to 41,000 rooms, net network growth of 2.4% in the last 12 months.
At end-December 2023, the Group had a hotel portfolio of 821,518 rooms (5,584 hotels) and a pipeline of 225,000 rooms (1,315 hotels).
The Group reported revenue of €5,056 million in 2023, up 18% like-for-like (LFL) compared with 2022.
This growth breaks down into a 17% increase for the Premium, Midscale and Economy (PM&E) division and 22% for the Luxury & Lifestyle division.
Scope effects, linked mainly to the full-year effect of Paris Society (acquired in 2022) and the takeover of Potel & Chabot (in October 2023) in the Luxury & Lifestyle division (the Hotel Assets & Other segment), positively contributed for €285 million.
Currency effects had a negative impact of €228 million, stemming mainly from the Australian Dollar (-7%), the Egyptian Pound (-40%) and the Turkish Lira (-32%).
Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said of the results: “Accor generated record-high results in 2023, with EBITDA breaking the €1 billion mark for the first time in its history.
“While there were numerous reasons for this success, the solid performances were above all attributable to the Group’s teams. I would like to thank them for their commitment and their know-how in an industry whose strength lies above all in the women and men on the ground daily who raise the profile of our brands with a passionate and generous sense of hospitality.
“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 organization based on the two divisions, Premium, Midscale and Economy on the one hand, and Luxury and Lifestyle on the other, the desirability of its brands, the strength of its distribution and loyalty tools, as well as its financial discipline.
“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. Accor is ideally positioned to continue its bold expansion and bring to life its vision of a pioneering, responsible hospitality industry that creates value for its shareholders and its partners.”
