Global hospitality company Accor achieved a record result in 2023 with earnings reaching over €1 billion for the first time in its history.

Announcing its full-year results on Thursday, Accor revealed that EBITDA grew 49% compared to the previous year to €1,003 million, while RevPAR was up 23% like for like, and revenue was up 20% to €5,056 million.  

Accor’s net profit group share increased by 57% to €633 million.

Accor Chairman and CEO Sebastien Bazin

Accor Chairman and Chief Executive Officer, Sébastien Bazin, said that while there were numerous reasons for the success, the solid performances were largely 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,” Bazin said.

“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, 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.”

Hotel Wonil Perth is part of Accor’s Handwritten Collection

In 2023, Accor opened 291 hotels equating to 41,000 rooms, achieving net network growth of 2.4% in the last 12 months. At the end of 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).

In the fourth quarter of the year, the Premium, Midscale and Economy (PM&E) division grew its RevPAR by 12% versus Q4 2022, largely driven by prices rather than occupancy rates.

The Middle East, Africa and Asia-Pacific region reported a 19% increase in RevPAR compared with Q4 2022, boosted by a “considerable rebound” in business in Asia.

In the Pacific, 26% of room revenue in the region, is now entering a normalization phase, according to Accor, with more measured RevPAR growth, driven by occupancy rates in the fourth quarter.