The Accor Group recorded revenue of € 701 million for the first quarter of 2022, an increase of 85% in like-for-like level (LFL) compared to the first quarter of 2021. By activity, this growth is analyzed in an increase of 105% for segment Hotel Services and 52% for the segment Hotel Assets & Other.
Compared to the 25% drop in RevPar, the decrease in revenue at the like-for-like level compared to the first quarter of 2019 is 23%.
Changes in the scope of consolidation (acquisitions and sales) contributed € 13 million largely due to the consolidation of companies now part of Ennismore by 2021. Foreign exchange impacts had a positive impact of € 18 million, mainly due to the dollar USA (+ 7%).
Sébastien Bazin, Chairman & Chief Executive Officer of Accor, stated:
“Accor’s performance in the first quarter of 2022 confirms the clear recovery of operations in all areas and the renewed dynamics of tourism, catering and entertainment services. These results are mainly due to the dynamics of our markets in Europe, the Middle East and America. as well as the strong demand for our luxury and lifestyle hotels and domestic travel.These underlying trends, combined with the opening of borders, fill us with confidence for the continuous improvement of our performance from month to month, with prices having has already exceeded the levels of 2019. Our brands are attractive, ideally placed and the augmented hospitality ecosystem we have created in recent years continues to attract a growing number of visitors and owners. accelerating the development of our network, promoting our brands as well and to attract and retain more and more customers ”.
Since the second quarter of 2021, Accor has recorded a successive quarterly recovery. The outbreak of the Omicron mutation caused a brief “relapse” in January and the recovery observed in February gained momentum in March.This recovery is a result of the steady increase in the number of domestic visitors for business or leisure It was accompanied by a sharp rise in prices, which have now exceeded the levels of 2019 for the last 4 months in a row throughout the Group, due to demand and deteriorating inflation.
In the first quarter of 2022, Accor opened 26 hotels, corresponding to approximately 3,700 rooms, which led to a net growth of 2.5% over the last 12 months. At the end of March 2022, the Group owned a portfolio of 777,849 rooms (5,304 hotels) and a pipeline of approximately 212,000 rooms (1,212 hotels). For 2022, the Group confirms its forecast for net growth of its network by 3.5%.
Source: Capital
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