Accor has reported a total revenue of €1.43bn ($1.54bn) for the third quarter (Q3) of 2024, marking a 12% increase from the €1.28bn reported in the same period of the previous year.
The revenue growth is attributed to a 7% increase in the Premium, Midscale, and Economy division and an 18% surge in the Luxury and Lifestyle division.
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The latter’s performance was bolstered by the acquisition of Potel & Chabot in October 2023, contributing €56m to the Hotel Assets & Other segment.
However, currency fluctuations negatively impacted the results by €30m, mainly due to depreciations in the Brazilian Real by 13% and the Egyptian Pound by 37%.
For the quarter ending 30 September 2024, Accor’s occupancy rate stood at 70.5%, a like-for-like increase of 0.8 points from the previous year.
The company also reported a revenue per available room (RevPAR) of €80, representing a 5.3% year-on-year increase.
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By GlobalDataAccor chairman and CEO Sébastien Bazin said: “Once again this quarter, the group posted solid sales growth, in line with its targets. This good performance was driven in particular by the dynamism of our Luxury and 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.”
For the first half of 2024, Accor’s revenues amounted to €2.67bn, an 11% rise from the corresponding period in the previous year.
The company experienced negative currency effects of €63m during this period, due to the Turkish Lira, the Australian dollar, the Egyptian Pound, and the Argentine Peso.
Looking ahead, Accor expects RevPAR growth of between 4% and 5% for FY 2024.
The company also anticipates network unit growth to be between 3% and 4%, with a group EBITDA forecast ranging from €1.10bn to €1.12bn.
