Accor: Leisure Demand Boosts Q3 Revenue

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Accor reported third-quarter revenue of €589 million, up 79 percent like for like, year over year, yet down about 40 percent compared with 2019. Accor chairman and CEO Sébastien Bazin in a statement credited summer leisure demand for the pick-up. “Our business was very strong this summer in Europe, the Middle East and the Americas, particularly for our leisure destinations,” he said. “These trends are expected to persist out to the end of the year.”

Revenue per available room for the third quarter improved 20 percentage points compared with the second quarter of 2021, but its level of €40 still was down about 37.3 percent from 2019’s third quarter. Occupancy was 49.8 percent, a 24.1 percentage-point decline. Average daily rate was €81, down 7.3 percent.

In the Americas, RevPAR was €45, down 37.7 percent for the quarter compared with 2019. Occupancy was 43.7 percent, a decline of 22.1 percentage points. ADR was €103, for a drop of 6.8 percent.

Accor opened about 10,000 rooms across 82 hotels during the quarter, for net system growth of 2.5 percent year over year. The company anticipates full-year 2021 net growth of approximately 3 percent. As of Sept. 30, Accor’s portfolio included 769,000 rooms across 5,252 hotels and a pipeline of 211,000 rooms across 1,187 hotels.

Just after the third quarter closed, Accor announced it had become the majority owner with two-thirds share of a joint venture with luxury brand operator Ennismore, formed in 2021 and focused on the lifestyle segment. The company also announced it would offer Groups360’s instant meeting-booking solution and that it was participating in HRS’ Green Stay Initiative.

RELATED: Accor Q2 results

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