Accor: Full-Year 2022 RevPAR Exceeds 2019 on Higher Rates

Accor Group reported an “excellent” fourth quarter that lifted full-year 2022 revenue per available room above pre-pandemic levels, executives said Thursday during an earnings call.

Accor deputy CEO and CFO Jean-Jacques Morin called the company’s performance “a momentous milestone, because we end up with an activity in 2022 which is above 2019.”

Systemwide fourth-quarter RevPAR was 15 percent above 2019 levels, with full-year 2022 RevPAR 2 percent above 2019. 

Q4 RevPAR was “slightly ahead of the Q3 RevPAR, which we all knew was on the back of a great summer… notably in Europe,” Morin said.

Accor CEO Sébastien Bazin said 2023 “is going to be an even better year of 2022,” as executives shared increased optimism surrounding lifted travel restrictions in China. The company has a significant footprint in the region of “more than 600 hotels,” Bazin said.

Accor plans to share a “deep dive” into company metrics in June with a better representation of its reorganized brands—the process of which is ahead of schedule, according to company executives. Executives do not foresee a slowdown in pricing power, nor are they overly concerned with inflation, they said. 

Q4 Results

Accor’s Q4 systemwide average daily rate reached €111, up 25.2 percent over Q4 2019. Systemwide RevPAR reached €69, up 15.4 percent from Q4 2019. 

Meanwhile, occupancy lagged pre-pandemic levels. Accor reported a systemwide average occupancy of 69.8 percent, down 5.5 percent from Q4 2019. Full-year occupancy for the company was 59.8 percent, down 9.1 percent from 2019.

Accor reported full-year revenue of €4.22 billion, up 91.8 percent year over year. Full-year net profit was €402 million in 2022, an increase over €85 million in 2021.

As for development, Accor currently has 1,247 hotels and 216,000 rooms in its pipeline, which will add to its current portfolio of 5,445 hotels and 802,000 rooms worldwide as of Dec. 31, 2022. 

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