Accor Hotels has recently announced its financial results for the fourth quarter and full year 2022. In 2022, its revenues exceeded €4.2 billion, an increase of 80% year-on-year and up 4% compared to 2019.
Accor's RevPAR in Q4 2022 exceeded pre-epidemic levels in several markets, including several key destinations in the European market. Overall RevPAR for the full year increased by 2% compared to 2019.Accor's net profit of €400 million in 2022 compared to only €85 million in 2021. Accor opened 299 new hotels last year. As of December 2022, Accor's total number of hotels reached 5,445, with 1,247 hotels in the pipeline.
Sébastien Bazin, CEO of Accor Group, said during the earnings call that China and the United States are the two largest source markets for tourism in the world, with around 150 million American tourists travelling abroad each year and roughly 150 million outbound travellers from China in 2019, and that the number of American tourists has recovered a lot so far, by around 80% in 2022. He believes that Chinese outbound tourists are also recovering, and you can see signs of this in the figures for Accor's hotels in South East Asia, where 80% of Chinese outbound tourists are choosing destinations within Asia.
Accor Hotels is the largest hotel brand in Europe and they do not want to be just a hotel company, but a hospitality platform that becomes part of everyone's everyday life, whether they are travelling or not.Accor Hotels' current strategy is to add a new hotel every three days and to increase this number to one per day over the next three years.
Accor Group's three main strategies for transforming from a hotel brand to a hotel platform and service provider:
1 - Divestment of its real estate portfolio
2-Expand partnerships and acquisitions in technology and innovative brands - Smart Rooms
3-Expand their services beyond hotels and for non-travellers
