Accor’s luxury division enabled the company to finish the third quarter in a strong position with the Paris Olympics also delivering a powerful boost, according to CEO Sébastien Bazin.
The quarter saw the group record revenue of €1,434 million, up 12% on the same quarter in 2023. While its Premium, Midscale and Economy division delivered growth of 7%, its Luxury & Lifestyle division powered through the period with an 18% increase.
Luxury brands posted an overall 7% increase in RevPAR as compared with the third quarter of 2023, with higher occupancy rates a major driver. – a performance driven by the entire portfolio, according to the firm. This includes Fairmont, Sofitel, Raffles and MGallery among others.
Meanwhile, its Lifestyle brands, among them Delano and Habitas, saw RevPAR surge by 14%, driven mainly by resort hotels in destinations such as Turkey and Egypt.
“Once again this quarter, the Group posted solid sales growth, in line with its targets,” Bazin said. “This good performance was driven in particular by the dynamism of our Luxury & Lifestyle brands, sustained growth in high-potential regions and the positive impact in France of the Olympic Games, for which Accor was one of the Premium partners.
“By continuing to combine operational agility, quality of execution and financial discipline, we are convinced of our ability to consolidate the solidity of our business model over the long term and deliver significant growth in our results in 2024,” Bazin said.
During the quarter, Accor opened 47 hotels with a total of 8,000 rooms. That means that, as of the end of September 2024, the Group had a hotel portfolio of 838,826 rooms across 5,638 hotels and a pipeline of 231,000 rooms across 1,380 hotels.
