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Accor, the French hotel giant, announced ambitious targets for 2023 on Tuesday. It expressed confidence in its ability to accelerate business growth through a reorganization that establishes clear priorities for its brands.
Accor, the world’s sixth-largest hotel group and owner of the Ibis, Sofitel, Novotel, Mercure and Pullman brands, is aiming to achieve EBITDA of between “920 and 960 million euros” this year, an increase of 40% on 2022. This projection is based on “current business dynamics”.
Forecasting an average annual EBITDA growth rate of between 9% and 12% from 2023 to 2027, Accor plans to distribute “around 3 billion euros“ to its shareholders in the form of dividends and share buybacks, the group said in a press conference call.
Accor is now forecasting an increase in RevPAR (revenue per available room, a key industry indicator) of 15% to 20% for 2023 compared with 2022.
“In 10 years, Accor has radically transformed itself”, says CEO Sébastien Bazin, in a statement. At the same time, the group has “expanded its brand portfolio by becoming the leader in +luxury and lifestyle+, strengthened its geographic footprint and simplified its organization, while preserving its financial independence and the strength of its balance sheet”, the executive added.
A new chapter of rapid growth
Accor is now looking ahead to “a new chapter of rapid and profitable growth” for its recently established stand-alone divisions, namely “premium, mid-market and economy” on the one hand, and “luxury and lifestyle” on the other.
The “premium, mid-range and economy” division, which encompasses “90% of the number of hotels” in Accor, has experienced “consistently strong growth over the past 40 years”, according to Sébastien Bazin.
The smaller “luxury and lifestyle” division rests on four pillars: the Raffles Orient-Express, Fairmont, Sofitel and lifestyle brands grouped under the London-based Ennismore label, in which Accor holds a majority stake.
With a presence in 110 countries, employing some 230,000 people, operating over 5,400 hotels and owning more than 40 brands, Accor continues to consolidate its position in the industry.
Sale of shares in Risma
Accor has also announced the sale of its 33% stake in Risma, Morocco’s leading listed hotel operator, to the Moroccan investment company Mutris, at a price of 130 Moroccan dirhams (11.98 euros) per share. Accor is also disposing of the Risma bonds it holds.
Completion of this transaction is scheduled for the third quarter of 2023. This move is in line with Accor’s ongoing simplification of its minority holdings, having already sold Orbis (Poland) in 2020 and H World Group (China) in 2023.
However, Accor wishes to emphasize that it is not withdrawing from Morocco. In parallel with this operation, the group is strengthening its resources to accelerate its development in the country and “continue to play an essential role in the promotion and influence of this destination on a global scale”.
Present in Morocco for 30 years, Accor is the country’s leading operator of international brands, with a network of 39 hotels.
Read also >Accor signs in Cannes the first European address of its hotel brand Mondrian
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Accor, the French hotel giant, announced ambitious targets for 2023 on Tuesday. It expressed confidence in its ability to accelerate business growth through a reorganization that establishes clear priorities for its brands.
Accor, the world’s sixth-largest hotel group and owner of the Ibis, Sofitel, Novotel, Mercure and Pullman brands, is aiming to achieve EBITDA of between “920 and 960 million euros” this year, an increase of 40% on 2022. This projection is based on “current business dynamics”.
Forecasting an average annual EBITDA growth rate of between 9% and 12% from 2023 to 2027, Accor plans to distribute “around 3 billion euros“ to its shareholders in the form of dividends and share buybacks, the group said in a press conference call.
Accor is now forecasting an increase in RevPAR (revenue per available room, a key industry indicator) of 15% to 20% for 2023 compared with 2022.
“In 10 years, Accor has radically transformed itself”, says CEO Sébastien Bazin, in a statement. At the same time, the group has “expanded its brand portfolio by becoming the leader in +luxury and lifestyle+, strengthened its geographic footprint and simplified its organization, while preserving its financial independence and the strength of its balance sheet”, the executive added.
A new chapter of rapid growth
Accor is now looking ahead to “a new chapter of rapid and profitable growth” for its recently established stand-alone divisions, namely “premium, mid-market and economy” on the one hand, and “luxury and lifestyle” on the other.
The “premium, mid-range and economy” division, which encompasses “90% of the number of hotels” in Accor, has experienced “consistently strong growth over the past 40 years”, according to Sébastien Bazin.
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Accor, the French hotel giant, announced ambitious targets for 2023 on Tuesday. It expressed confidence in its ability to accelerate business growth through a reorganization that establishes clear priorities for its brands.
Accor, the world’s sixth-largest hotel group and owner of the Ibis, Sofitel, Novotel, Mercure and Pullman brands, is aiming to achieve EBITDA of between “920 and 960 million euros” this year, an increase of 40% on 2022. This projection is based on “current business dynamics”.
Forecasting an average annual EBITDA growth rate of between 9% and 12% from 2023 to 2027, Accor plans to distribute “around 3 billion euros“ to its shareholders in the form of dividends and share buybacks, the group said in a press conference call.
Accor is now forecasting an increase in RevPAR (revenue per available room, a key industry indicator) of 15% to 20% for 2023 compared with 2022.
“In 10 years, Accor has radically transformed itself”, says CEO Sébastien Bazin, in a statement. At the same time, the group has “expanded its brand portfolio by becoming the leader in +luxury and lifestyle+, strengthened its geographic footprint and simplified its organization, while preserving its financial independence and the strength of its balance sheet”, the executive added.
A new chapter of rapid growth
Accor is now looking ahead to “a new chapter of rapid and profitable growth” for its recently established stand-alone divisions, namely “premium, mid-market and economy” on the one hand, and “luxury and lifestyle” on the other.
The “premium, mid-range and economy” division, which encompasses “90% of the number of hotels” in Accor, has experienced “consistently strong growth over the past 40 years”, according to Sébastien Bazin.
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