Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said:

“In first-quarter 2023, Accor once again stepped-up business growth across all regions and in its two divisions: Premium, Midscale and Economy; and Luxury & Lifestyle. These excellent performances were driven in particular by the strong rebound in Asia, good price levels, and increased occupancy rates. They reflect the attractiveness of our brands, the commitment of our teams, and an ever-greater desire for travel and adventure on the part of our guests.
Given this highly positive start of the year, we have revised our 2023 guidance upwards, with double-digit RevPAR growth versus 2022."

The first quarter of 2023 demonstrated once again the robustness of the business recovery, quarter after quarter. This further acceleration in RevPAR (up 19% compared with first-quarter 2019) notably reflects the rebound of hotels in Asia following the lifting of the strict zero-COVID policy in China in late 2022. All the other regions also contributed to maintaining business activity at a substantially higher level than before the crisis.

The underlying dynamics observed in previous quarters remained in place, with average prices still high and sequentially improving occupancy rate but slightly lower than in 2019.

In first-quarter 2023, Accor opened 36 hotels, for around 4,400 rooms, and has thus achieved net network growth of 2.9% in the last 12 months. At end-March 2023, the Group had a hotel portfolio of 800,321 rooms (5,444 hotels) and a pipeline of around 214,000 rooms (1,241 hotels).

Consolidated revenue
 
The Group reported first-quarter 2023 revenue of €1,139 million, up 54% like-for-like (LFL) versus Q1 2022. By activity, this growth breaks down into a 71% increase for Management & Franchise (M&F), a 60% increase for Services to Owners, and a 37% increase for Hotel Assets and Other.

By division (excluding Holding & Intercos), €681 million of revenue was generated by the Premium, Midscale and Economy division, up 62% LFL compared with first-quarter 2022, and €477 million by Luxury & Lifestyle, up 52% LFL.