Accor Q3 Revenues Up 12%

(RTTNews) - Accor (ACRFY.PK, ACRFF.PK) Thursday reported third-quarter revenues of 1.43 billion euros, up 12% from 1.29 billion euros last year.

The revenue growth breaks down as a 7% increase for the Premium, Midscale and Economy division and an 18% increase for the Luxury & Lifestyle division.

The Premium, Midscale and Economy (PM&E) division posted a 5% increase in RevPAR compared to last year, still mostly driven by prices rather than by occupancy rates. The Luxury & Lifestyle (L&L) division posted a 7% increase in RevPAR compared to the third quarter of 2023, mainly driven by higher occupancy rate.

Chairman and CEO of Accor 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 & 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."