Global hotel giant Accor has reported a 92% increase in revenue to €4,224 million for the 2022 fiscal year driven by a strong demand for domestic travel and a resulting increase in prices.
Hotel performance in the final quarter of the year surpassed 2019 levels in every region with the exception of Asia Pacific, primarily due to China’s closed border.
Accor said China’s reopening sets up a potential rebound this year.
Accor’s 2022 RevPAR exceeded 2019 levels by 2% and the group expects 2023 figures to further increase by between 5% and 9%.
“Tourism recovered substantially in 2022 and our performances, up strongly in all regions, reflected that rebound,” said Accor Chairman and Chief Executive Officer, Sébastien Bazin.
“We exceeded our financial and non-financial targets and can look to the future with serenity. Our brands are attractive, our distribution is powerful, our teams are talented and motivated, and our organization has been adapted to capture future growth even more effectively.
“These strengths combined with the genuine culture of the Group, placing people and talents in the heart of its model, give meaning to our action. In 2023, our ambition is to keep our growth and reinforce our leadership by continuing to evolve the codes of the hospitality industry and remain the chosen partner of our hotel owners and customers.”
Accor opened 299 hotels last year, representing 3.2% net organic growth to 5,445 hotels (over 800,000 rooms) worldwide.
The hospitality group also announced Chief Financial Officer Jean-Jacques Morin has departed the business and a new CFO is expected to commence the role in early May.