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This is already the second time this year. Accor<\/strong> has further raised its outlook for 2023, after announcing a 13%<\/strong> like-for-like increase in sales to \u20ac1.28 billion in Q3 2023.<\/strong><\/p>\n <\/p>\n Europe’s largest hotel group reports RevPAR (revenue per available room) “up 15%<\/strong> year-on-year despite a very high like-for-like basis”.<\/em> RevPAR for the third quarter of 2022 was already up 14%<\/strong> on 2019.<\/p>\n <\/p>\n “The underlying dynamics observed in previous quarters are continuing,”<\/em> explains the group, referring to “persistently high average prices and a significantly improved occupancy rate”.<\/em> Accor points out that this occupancy rate “remains slightly below 2019 levels”.<\/em><\/p>\n <\/p>\n For fiscal 2023, Accor confirms its network net growth forecast of between 2% and 3%.<\/strong><\/p>\n <\/p>\n During the third quarter, Accor opened 73 hotels<\/strong>, representing around 9,200 rooms, posting net network growth of 3% over the past 12 months<\/strong>. At the end of September 2023, the Group has a hotel portfolio of 812,425 rooms<\/strong> (5,537 hotels) and a pipeline of around 219,000 rooms<\/strong> (1,273 hotels).<\/p>\n <\/p>\n At the opening, Accor shares were down 3.5% at 28.90 euros<\/strong> on Friday, approaching breakeven around midday at -0.70%.<\/strong><\/p>\n <\/p>\n <\/p>\n In tandem with these good results, Accor has revised upwards its EBITDA targets for 2023 for the second time this year<\/a>, citing solid business momentum across all its markets. The operator of the Ibis and Novotel hotel chains is now forecasting EBITDA of between \u20ac955 and \u20ac985 million<\/strong>. This upward revision follows an earlier forecast of between 930 and 970 million euros<\/strong>, which had already been raised in July.<\/p>\n <\/p>\n “For Accor, this is the sixth consecutive quarter of growth since the return to post-pandemic business levels,”<\/em> said Chairman and CEO S\u00e9bastien Bazin<\/strong>.<\/p>\n <\/p>\n In addition, Accor recently increased its forecast for growth in revenue per available room (RevPAR), a crucial indicator for assessing the performance of the hotel industry, for 2023. The new forecast now anticipates growth of just over 20%<\/strong>, marking an upward revision from the previous estimate of +15% to +20%.<\/strong><\/p>\n <\/p>\n “Hotel demand remained very buoyant throughout the third quarter, with RevPAR up 15% year-on-year despite a very high comparable base”,<\/em> the group said. However, “the first signs of a normalization in business growth are appearing after several quarters of intense recovery”<\/em>, it added.<\/p>\n <\/p>\n <\/p>\nTargets revised<\/h2>\n
Focus on China, Japan and India<\/h2>\n
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