Accor: Leisure demand increases third quarter revenue

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Accor reported third quarter revenue of € 589 million, up 79% year-on-year, but down about 40% from 2019. Accor chairman and CEO Sébastien Bazin in a statement credited the demand summer leisure for pick-up. “Our business has been very strong this summer in Europe, the Middle East and the Americas, especially for our leisure destinations,” he said. “These trends are expected to persist until the end of the year.”

Revenue per available room for the third quarter improved by 20 percentage points compared to the second quarter of 2021, but its level of 40 euros still fell by about 37.3 percent compared to the third quarter of 2019. Occupancy it was 49.8 percent, a decline of 24.1 percentage points. The average daily rate was 81 euros, down 7.3 percent.

In the Americas, RevPAR was € 45, down 37.7 percent for the quarter from 2019. Employment was 43.7 percent, down 22.1 percentage points. The ADR was 103 euros, a drop of 6.8 percent.

Accor opened approximately 10,000 rooms in 82 hotels during the quarter, resulting in net system growth of 2.5% year-over-year. The company expects net growth for the full year of 2021 of approximately 3%. As of September 30, Accor’s portfolio included 769,000 rooms in 5,252 hotels and a pipeline of 211,000 rooms in 1,187 hotels.

Immediately following the close of the third quarter, Accor announced that it has become the majority owner with a two-thirds stake in a joint venture with luxury brand operator Ennismore, formed in 2021 and focused on the lifestyle segment. The company also announced that it would be offering Groups360’s instant meeting booking solution and who was participating in HRS “Green Stay Initiative”.

RELATED: Accor Q2 results

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